Novo Nordisk CEO Mike Doustdar on Wednesday said the company is aiming to capture around 15 million new patients, at least initially, when Medicare starts covering obesity treatments for the first time later this year.
Around 67 million Americans are covered by Medicare, but “when you take a look at specifically our products and the target group, I think around 15 million people would be a good number to target,” he told CNBC in an interview.
Medicare is slated to start covering obesity medicines for the first time later this year under the landmark “most favored nation” drug pricing deals that Novo and its chief rival Eli Lilly struck with President Donald Trump in November.
Health experts say the long-awaited coverage could broaden the market for the medicines and spur more private insurers to cover them. Some experts estimate that 20 million to 30 million Medicare patients are suffering from obesity and related conditions.
Doustdar said Medicare coverage, along with the launch of Novo’s new obesity pill and other factors, should help the company gradually boost prescription volumes and offset lower prices in the U.S. following that agreement with Trump.
But he said he doesn’t expect Medicare access to obesity treatments to open up overnight.
“Now, it would be great if we could find a way to get access very, very fast. But I think that would be a bit naive,” Doustdar said, pointing to the slow adoption seen among eligible patients with commercial insurance.
It’s a slightly more conservative tone on the initial impact of Medicare coverage compared to Lilly, which has cited that coverage as a key tailwind to its guidance this year. Last week, Lilly said it expects Medicare coverage to come online by July.
Meanwhile, Doustdar said Novo is in the midst of negotiations with the government on “exactly which month, which week that is going to be opening.”
Closing the market share gap
Novo is under pressure to claw back market share in the booming GLP-1 space from Lilly and cheaper, compounded copycats. Last week, Lilly said its share of the U.S. obesity and diabetes drug market increased to 60.5% in the fourth quarter, while Novo’s was 39.1%.
Novo has also highlighted a gap in the “preference share” for its weight loss treatment Wegovy versus Lilly’s rival injections. In the U.S., Novo estimates that between 7 and 8 patients out of 10 go to Lilly.
When asked how Novo plans to close that gap, Doustdar said one way to do so is “to do better on the pill.” The company’s Wegovy obesity pill has a head start compared to Lilly’s upcoming oral drug, orforglipron, which is expected to win approval from the Food and Drug Administration during the second quarter.
Mike Doustdar, left, CEO of Novo Nordisk, and David Ricks, CEO of Eli Lilly, listen as President Donald Trump speaks in the Oval Office during an event about weight-loss drugs on Nov. 6, 2025.
Andrew Caballero-Reynolds | Afp | Getty Images
Doustdar said Novo’s pill is slightly more effective than Lilly’s based on separate clinical trials, showing 16.6% weight loss compared to 12.4% with Lilly’s oral drug.
“If you use these two numbers, basically you have a 40% difference between the efficacy of these pills,” he said. “I think this is going to be a very main, main selling point of the pill.”
But Doustdar also pointed to the upcoming approval and launch of a higher dose – 7.2 milligram – of Wegovy that could help win market share from Lilly’s obesity treatment Zepbound.
That higher dose helps patients lose around 21% of their weight, which is “very much on par” with the highest dose of Zepbound, he said. Zepbound’s higher efficacy has been a key factor in driving more patients and prescribers away from choosing Wegovy, which has shown around 15% weight loss on average in clinical trials.
“When that comes to the market, my thought, my wish, my hope is that people will realize, OK, now we have two products with similar efficacy,” he said.
The US added 130,000 jobs in January, a sharp rise from 50,000 jobs in December, data from the Bureau of Labor Statistics (BLS) showed.
The strong January performance comes after a difficult year for the US labour market.
Hiring in the US picked up sharply at the start of 2026, surprising economists and marking a strong rebound from last year’s sluggish labour market, according to the latest jobs report. The US added 130,000 jobs in January, a sharp rise from 50,000 jobs in December, data from the Bureau of Labor Statistics (BLS) showed. The unemployment rate also edged lower, falling to 4.3% in January from 4.4% in December, remaining low by historical standards.
Big Improvement After Weak Hiring In 2025
The strong January performance comes after a difficult year for the US labour market. Hiring slowed sharply in 2025, raising concerns about the health of the world’s largest economy and prompting the Federal Reserve to cut interest rates multiple times. The BLS also revised down its earlier estimates for job creation in 2025. According to updated figures, the US added 181,000 jobs last year, averaging about 15,000 jobs per month. This was far below the agency’s earlier estimate of 584,000 jobs for the year. Against that backdrop, January’s hiring numbers were well above the pace seen in a typical month last year.
Trump Reacts As Jobs Beat Forecasts
Reacting to the report, US President Donald Trump praised the data in a social media post, saying, “GREAT JOBS NUMBERS, FAR GREATER THAN EXPECTED!”
The strong hiring data follows weeks of high-profile job cuts by major companies. Amazon recently announced plans to cut around 16,000 employees as part of a restructuring effort. UPS said it would slash up to 30,000 jobs this year, while Pinterest revealed plans to cut 15% of its workforce.
Analysts say these layoffs are largely concentrated in tech and logistics, where companies are rolling back pandemic-era hiring and adapting to automation and artificial intelligence. So far, the broader US labour market has avoided widespread job losses.
What Fed Is Watching
The Federal Reserve cut interest rates three times in 2025 to support the slowing labour market. In January, however, it chose to pause rate cuts, citing sticky inflation. The benchmark interest rate currently stands between 3.5% and 3.75%, well below its 2023 peak but still much higher than near-zero levels seen during the COVID-19 pandemic.
Fed Chair Jerome Powell said last month that the US economy is expanding at a “solid pace,” adding that while job growth has been modest, unemployment appears to be stabilising.
Newsbusinesseconomy Strong Start To 2026 As US Hiring Jumps Sharply, Unemployment Falls To 4.3%
Disclaimer: Comments reflect users’ views, not News18’s. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
We asked 11 of our NFL experts — Matt Bowen, Jeremy Fowler, Dan Graziano, Pamela Maldonado, Eric Moody, Jason Reid, Aaron Schatz, Ben Solak, Mike Tannenbaum, Seth Walder and Field Yates — to make predictions for next season’s Super Bowl matchup and MVP winner. They also each made one big prediction about the offseason and/or upcoming season.
Are the Seahawks bound for a repeat, or will another franchise hoist the Lombardi trophy in 12 months? Who could be the next MVP? Let’s get into our early predictions, starting with who will be the next Super Bowl LXI champion.
Matt Bowen, NFL analyst: Bears over Bills. Chicago needs to add pass rushers, but the foundational players are there on offense under coach Ben Johnson. With quarterback Caleb Williams‘ playmaking ability, the Bears will beat Josh Allen and Joe Brady’s Bills to win Super Bowl LXI.
Jeremy Fowler, national NFL reporter: Rams over Broncos. Los Angeles matched up with Seattle as well as anyone last season and will be back to finish the job. The Matthew Stafford-Sean McVay connection is improving with age. The secondary was a weakness late in the season, so expect the Rams to address that issue for roster balance.
Dan Graziano, national NFL reporter: Chiefs over Packers. One down season and a torn ACL isn’t enough to scare me off quarterback Patrick Mahomes and coach Andy Reid. Mahomes recovers, along with the Kansas City offense, and the Chiefs claim their third Super Bowl title in five seasons.
Pamela Maldonado, sports betting analyst: 49ers over Bills. The 2025 season was a grind, with multiple injuries to key players such as edge rusher Joey Bosa, linebacker Fred Warner and tight end George Kittle. Yet the 49ers still piled up 12 wins and won a playoff game. A roster that’s already battle tested under that level of adversity should be a contending team once its health stabilizes.
Eric Moody, fantasy analyst: Broncos over Seahawks. The Broncos appear undervalued despite winning the AFC West and finishing tied for the league’s best record last season, while the Seahawks reminded everyone that defense still wins championships. History suggests repeating is difficult, with only nine teams winning back-to-back Super Bowl titles, and champions often lose key contributors during free agency once players cash in.
Jason Reid, Andscape senior NFL writer: Chiefs over Rams. Anyone who knows Mahomes understands that he’ll push himself to return in top form. With him entering his age-31 season, team CEO Clark Hunt, coach Andy Reid and general manager Brett Veach believe that the Chiefs’ championship window remains wide open. They’ll do their part to help Mahomes lead the Chiefs to their fourth Super Bowl championship since 2019.
Aaron Schatz, NFL analyst: Rams over Chargers: That’s right, I’m predicting a fight for Los Angeles at SoFi Stadium. Two home teams! The Rams were No. 1 in offense this season, and offense is more consistent than defense. The Chargers will get back their offensive tackles and added Mike McDaniel to coordinate the offense, plus they have a ton of cap space to address their offseason needs.
Ben Solak, NFL analyst: Texans over Rams. I’m buying all sorts of Texans stock, as that defense is staying together, and the offense was showing positive signs of growth in a season with a new offensive coordinator and a totally retooled offensive line. With an improvement in the running game, Houston is set for an explosion.
Mike Tannenbaum, NFL analyst: Commanders over Bills. Quarterback Jayden Daniels stays healthy next season and bounces back in a big way. He plays in every game and finishes the season by outdueling Allen and the Bills in a 45-42 shootout in L.A.
Seth Walder, NFL analyst: Chargers over Packers. Am I falling for the Chargers in the offseason, just like we all do every year? Sure. But this time will be different! The 2025 Chargers’ biggest weakness — the offensive line — already has a built-in solution with their two excellent tackles (Joe Alt and Rashawn Slater) returning to health. Add McDaniel as offensive coordinator and I find myself truly believing.
Field Yates, NFL analyst: Rams over Broncos. The two teams that came up short in the conference championship games last season find a way to get over the top in 2026. The Rams will emerge as Super Bowl champs at SoFi Stadium, becoming the third team to win a Super Bowl at its home venue (the Rams won the last Super Bowl at SoFi after the 2021 season).
Who’s your pick for next season’s MVP?
Bowen: Dak Prescott, QB, Cowboys. Prescott had more than 4,500 passing yards and threw 30 touchdowns this past season. With the Cowboys expected to retain wide receiver George Pickens, whom they will likely give the franchise tag, look for Prescott to produce high-level numbers again for a team that could challenge for the NFC East title in 2026 with an improved defense.
Fowler:Bijan Robinson, RB, Falcons. Maybe Raheem Morris was right in saying that Robinson is the league’s best player. He’s truly breathtaking, and another season of 2,000-plus total yards will give voters something to think about — especially if Atlanta makes a playoff push. Robinson should prove impactful in Kevin Stefanski’s wide-zone system.
Graziano:Caleb Williams, QB, Bears. I see the arrow pointing up for Williams with Ben Johnson and a Bears team that arrived well ahead of schedule. Williams has that fourth-quarter clutch gene, and even if the Bears fix their defense to where he doesn’t need as many clutch performances, he should have plenty of opportunities to showcase his abilities in a tough NFC North.
Maldonado:Christian McCaffrey, RB, 49ers. McCaffrey is the engine of the Niners’ offense. He posted 1,202 rushing yards, had 924 receiving yards and carried the Niners through injuries all season. If San Francisco stays mostly healthy and wins 12-plus games again, voters will reward the league’s most complete offensive playmaker.
Moody:Josh Allen, QB, Bills. The window won’t stay open forever for Allen to win a Super Bowl, but Buffalo is well positioned entering the season. Since newly hired coach Joe Brady was promoted as Buffalo’s offensive coordinator in Week 11 of the 2023 season, the Bills have ranked second in points per game at 29.1, a run that included Allen winning his first MVP in 2024. He is firmly in the mix for this award again, especially if Buffalo adds a true No. 1 receiver this offseason.
Reid: Jordan Love, QB, Packers. Next season will be Love’s fourth directing Matt LaFleur’s offense. Love dazzled with his arm talent in his first three and proved the Packers right in choosing to make him the foundation of their future. Love will take things to a new level and win MVP.
Schatz:Patrick Mahomes, QB, Chiefs. I still think Mahomes is the best player in the game and I’m comfortable picking him to win the MVP every year. His odds are as good as anyone, assuming he either returns in Week 1 from his knee injury or doesn’t miss much time.
Solak:Lamar Jackson, QB, Ravens. Jackson has a full offseason to get healthy and a new offensive coordinator in Declan Doyle. When Jackson has a full season to accrue counting stats, he’s always in the conversation.
Tannenbaum:Jayden Daniels, QB, Commanders. Daniels will rebound from an injury-plagued 2025 season and reassert himself as the top quarterback of the 2024 draft class. He stays healthy, performs well throwing and running the ball and makes new offensive coordinator David Blough a prime head coaching candidate.
Walder: Allen. I think he’s the best player in football and has to shoulder such a heavy load for his team. That makes him a perennial MVP candidate, and I don’t see that changing. He didn’t even play his best ball last season. If he plays better in 2026, he certainly has a chance at a second MVP in three years.
Yates: Jackson. As a new chapter of the Ravens franchise begins, Jackson will be invigorated by Doyle, considered by many in the coaching ranks to be an NFL head coach soon. In my opinion, Jackson is still the most dynamic player in the game.
Make one more big prediction about this offseason or next season.
Bowen:Trey Hendrickson will sign with the Colts. General Manager Chris Ballard makes a splash move to sign the top free agent on the market. Hendrickson, who led the NFL with 17.5 sacks in 2024, would immediately upgrade the Indianapolis pass rush.
Fowler: The Giants will make the playoffs. The Year 1 spike due to a top-shelf coach is a proven formula that worked last season for New England’s Mike Vrabel, Chicago’s Ben Johnson and Jacksonville’s Liam Coen. John Harbaugh hopes to have a similar impact, and New York’s roster is on the upswing. A few savvy additions this offseason would make the Giants contenders.
Graziano: The Steelers will have their first losing season since 2003. For a few years now, this roster has needed a more extensive rebuild than the team has been willing to undergo. For all the issues Steelers fans had with Mike Tomlin by the end of his tenure, there’s a good chance 2026 shows that he was actually holding things together in Pittsburgh.
Maldonado: The Bills will finally fix their offense with one decisive move — acquiring Eagles wide receiver A.J. Brown. They would immediately be on the top tier of Super Bowl contenders if they added Brown. Buffalo’s top priority is receiver help, and pairing him with Allen can solve its biggest limitation overnight. Buffalo has the rare mix of an elite QB, a playoff-ready roster, a clear singular need and a clear desperation to fill it. All that is missing is the blockbuster deal to put it together.
play
1:21
Will A.J. Brown still be with the Eagles next season?
Jeff Saturday and Dan Graziano debate whether A.J. Brown will still be playing for the Philadelphia Eagles next season.
Moody: Running back Travis Etienne Jr. will sign with the Chiefs during free agency. Etienne would be intriguing as a proven, versatile back who has surpassed 1,000 rushing yards in three of his four healthy seasons, including 1,107 yards and seven touchdowns in 2025. His ability to contribute as both a runner and receiver (5,136 career all-purpose yards with 32 touchdowns) would boost a Chiefs backfield that averaged less 4.0 yards per carry last season and failed to produce a running back with at least 200 receiving yards.
Reid: Chiefs defensive tackle Chris Jones will revert to All-Pro form. Mahomes’ defensive counterpart throughout Kansas City’s dynastic run, Jones was not as disruptive in the interior or off the edge during the team’s nightmarish 2025 season. Reenergized, the future Hall of Famer will be selected as a first-team All-Pro for the fourth time in five seasons.
Schatz: The Giants will take a big leap, going from worst to first thanks to the coaching of John Harbaugh, the return of wide receiver Malik Nabers, and steps forward from quarterback Jaxson Dart and edge rusher Abdul Carter in Year 2. Like Jeremy alluded to above, it’s not as big a leap as you might think, as their underlying play-by-play performance last season suggested a 7-10 team instead of a 4-13 unit.
Solak: The Falcons will win the NFC South, as Kevin Stefanski immediately steps in as a quality head coach with a roster that just needs competent coaching and quarterback help. But Stefanski can scheme an offense around a quarterback well, and he pushes the Falcons to 10 wins (which is all it would take to win the South, anyway).
Tannenbaum: The Chargers will take a big step and win the AFC West. With offensive tackles Joe Alt and Rashawn Slater healthy, and Mike McDaniel bringing some energy, Justin Herbert & Co. get over the hump and win the division.
Walder: The Cowboys will win the NFC East. Dak Prescott and the Dallas offense played extremely well last season, which went under the radar in part because the defense was so bad. The latter should improve through regression alone. If Dallas can get its defense to be just OK, the Cowboys could become contenders very quickly.
Yates: Caleb Williams will become an All-Pro. There was a ton of good in Williams’ second pro season but still so much room for growth. Williams’ completion percentage will be the area that most point to, and I am bullish that number will improve dramatically next season. The Bears’ offense should return mostly intact in 2026, and that familiarity will be instrumental in their franchise quarterback’s development.
Europe Job Layoffs: Major firms including Bosch, Daimler Truck, Nestlé, and Ericsson announce layoffs due to weak demand, high costs and US tariffs.
Europe Job Layoffs: As global trade tensions persist, more restructuring and job losses are expected.
European companies across sectors announced large-scale layoffs and hiring freezes over the past year, citing weak demand, high costs and slowing global trade- pressures that have been worsened by US tariffs and prolonged geopolitical uncertainty. From manufacturing and banking to energy, technology and consumer goods, export-heavy European firms are restructuring operations as margins shrink and growth stalls.
Car And Auto Parts Makers
Europe’s automobile and auto components sector has been among the hardest hit. Germany’s Bosch said in September it would cut 13,000 jobs, citing weak demand and cost pressures. Tyre maker Continental plans to eliminate 1,500 additional roles at its ContiTech division, adding to 10,000 job cuts already announced as part of a broader restructuring. Daimler Truck confirmed it would cut 2,000 jobs across the US and Mexico, on top of 5,000 previously announced layoffs in Germany, while German truckmaker MAN plans to shed around 2,300 jobs over the next decade. French automaker Renault acknowledged cost-cutting measures after reports suggested up to 3,000 support roles could be cut, though the company has not confirmed final figures.
Banks And Financial Services
Layoffs have also spread through Europe’s banking sector. Britain’s Lloyds Banking Group is considering the dismissal of around half of 3,000 employees as it looks to reduce costs. Dutch lender ABN Amro said it plans to cut 5,200 jobs by 2028, citing efficiency drives and market challenges.
Energy
Austria’s oil and gas group OMV plans to cut 2,000 positions, or roughly a twelfth of its global workforce, as energy firms struggle with volatile prices and weakening industrial demand.
Semiconductors And Technology
In the semiconductor sector, Austria-based AMS Osram said its cost-cutting programme would affect around 2,000 employees, while Dutch chipmaking equipment giant ASML announced 1,700 job cuts as part of a wider restructuring of management roles to focus on innovation.
Industrials And Engineering
Industrial groups have also moved to reduce headcount. Swiss construction chemicals maker Sika said it would cut up to 1,500 jobs, citing persistently weak markets. Germany’s Thyssenkrupp has agreed with unions to cut or outsource around 11,000 jobs, nearly 40% of its steel division workforce, by 2030. Chemical firm Wacker Chemie plans to eliminate more than 1,500 jobs by 2026, blaming high energy costs and bureaucratic hurdles.
Consumer Goods
Consumer-facing companies are not immune. British luxury brand Burberry announced plans to shed 1,700 jobs, while Dutch brewer Heineken said it would cut up to 6,000 roles globally over the next two years. Food giant Nestle confirmed 16,000 job cuts, nearly 6% of its workforce, as it reorganises operations.
Airlines, Telecoms And Logistics
Job cuts have also been announced by Sweden’s Ericsson, which will eliminate 1,600 roles in Sweden, and Germany’s Lufthansa, which plans to cut 4,000 administrative jobs by 2030. Swiss logistics firm Kuehne+Nagel is targeting 1,500 job cuts, while Danish drugmaker Novo Nordisk plans to reduce its workforce by 9,000 jobs globally. Renewable energy group Orsted said it would cut around 2,000 jobs, about a quarter of its workforce, and Spain’s Telefónica is set to eliminate more than 4,500 jobs in Spain.
Newsbusinesseconomy Trump Tariffs Are Killing European Jobs: List Of Companies That Have Announced Massive Layoffs
Disclaimer: Comments reflect users’ views, not News18’s. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Neemrana Fort-Palace, Rajasthan: Just a three-hour drive from Delhi, this 15th-century heritage hotel offers a royal experience. Couples can enjoy sunset views from hanging gardens, indulge in Ayurvedic spa treatments, or try zip-lining. Its historic charm and candlelight dinners make it incredibly romantic. (Image: Instagram)
Lansdowne, Uttarakhand: For couples seeking quietude, Lansdowne is an underrated gem. Surrounded by thick oak and pine forests, this peaceful hill station offers misty walks and scenic viewpoints like Tip-n-Top. It’s perfect for those who want to avoid crowded tourist spots. (Image: Instagram)
Kasauli, Himachal Pradesh: This colonial-era town is famous for its cobblestone paths and “Gilbert Trail.” The chilly February weather is perfect for cozying up in a boutique cottage. Watching the sunset from Manki Point provides a breathtaking view of the Himalayan foothills. (Image: Instagram)
Agra, Uttar Pradesh: There is no symbol of love more powerful than the Taj Mahal. Beyond the monument, luxury resorts like Amarvilas offer private balconies with Taj views. A sunset boat ride on the Yamuna provides a peaceful, iconic perspective of the wonder. (Image: Instagram)
Rishikesh, Uttarakhand: Ideal for the “soul-seeking” couple, Rishikesh offers a blend of adventure and spirituality. Stay at a luxury riverside camp or a wellness retreat like Ananda. Enjoy a private Ganga Aarti or go white-water rafting for a mix of thrills. (Image: Instagram)
Bharatpur, Rajasthan: Nature-loving couples will enjoy the Keoladeo National Park, especially in February when migratory birds are plenty. Exploring the sanctuary on a tandem bicycle or a rickshaw ride is a charming, slow-paced way to spend a romantic Valentine’s Day morning. (Image: Instagram)
Barog, Himachal Pradesh: A quiet stop on the Kalka-Shimla highway, Barog is famous for its charming, colonial-era railway station. You can enjoy the mountain air without the bustle of Shimla. Spend your day walking along the pine-shaded tracks or exploring the mysterious “Barog Tunnel” together. (Image: Instagram)
West Indies’ Shimron Hetmyer (R) plays a shot during the 2026 ICC Men’s T20 Cricket World Cup group stage match between England and West Indies at the Wankhede Stadium in Mumbai on February 11, 2026. — AFP
West Indies posted a massive 197-run target for England courtesy of Sherfane Rutherford’s half-century in the 15th match of the ICC Men’s T20 World Cup 2026 at Wankhede Stadium, Mumbai, on Wednesday.
Rutherford scored an unbeaten 76 off 42 balls, including seven sixes and two fours, while Roston Chase scored 34 and Jason Holder contributed 33, providing stability in the middle order.
Shimron Hetmyer and Rovman Powell added quick runs to maintain the scoring rate.
England’s bowlers managed early breakthroughs, but West Indies maintained momentum through aggressive hitting and smart running between the wickets.
Jamie Overton and Adil Rashid were the most successful bowlers, each taking two wickets, with Rashid conceding just 16 runs in his four overs.
Jofra Archer claimed one wicket for 48 runs in four overs, while Sam Curran took one wicket for 36 runs in three overs.
Liam Dawson bowled economically but did not take a wicket, and Will Jacks conceded 32 runs in two overs without claiming a wicket.
Margot Robbie is unveiling her wild side as she promotes Wuthering Heights.
Robbie appeared on the Table Manners podcast and recalled the days of wild fun with her friends, which involved parting with strippers and geting kicked out of Infernos.
The Barbie star was told by her friends that you can’t get kicked out of Infernos.
“So we all had a weekend in London when the job was done. And of course, we went to Infernos, and within about 15 minutes, we got kicked out,” she told hosts Jessie and Lennie Ware.
“And while we’re getting dragged out by security, I was screaming, ‘but this is Infernos, you can’t get kicked out of Infernos,'” she recalled.
She added, “And the bouncer was like, ‘Look, we allow most things, but when your friend does [redacted], then we kick you out’. And I was like, ‘okay, fair enough!'”
The Legend of Tarzan star didn’t reveal what her friend had done, but shared, “Most of the clubs in Clapham, I’d say, have kicked us out.”
“Yeah, for a while we were banned at a number of places! [..] So we ended up all deciding to move in together,” she added.
Margot Robbie lived in a four bedroom flat in Clapham with six of her friends up until 2016. They got the flat since it was just down the street from Infernos.
FILE PHOTO: E.W. Scripps Co. signage is displayed on a monitor on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Friday, June 3, 2016.
Michael Nagle | Bloomberg | Getty Images
E.W. Scripps is setting into motion what it calls a transformation plan for the broadcast station company — intended to generate growth for both earnings and its local TV stations.
The company announced Wednesday that it’s targeting growth of between $125 million and $150 million in annual enterprise earnings before interest, taxes, depreciation and amortization by 2028. In order to get there, Scripps will go through a number of cost savings and revenue growth measures that lean on technology, namely artificial intelligence, CNBC can exclusively report.
“This will essentially be a reorienting of the entire company … with a much more agile and efficient cost structure,” CEO Adam Symson said in an interview with CNBC. “We have to act like a media startup. We’ve got to act like the company E.W. founded, because the marketplace cannot bear the legacy pace or legacy thinking.”
The company plans to outline more details about its efforts during its next earnings call with investors on Feb. 26, but Symson described making changes to the newsroom to alleviate journalists from administrative tasks and to focus more on gathering and reporting the news.
The company declined to comment on specific impacts to staffing as a result of the cost cutting, saying potential effects to jobs would be determined over the next several months.
“Everything is on the table, but our goal is to always preserve the journalism and the sales, the two things that make up our customer relationship,” said Symson.
Scripps owns more than 60 local affiliate broadcast stations across 40 markets, including Ion, which has become a broadcaster of the WNBA and other pro sports games.
The company’s stock has dropped 70% in the last five years, a decline not unlike many of its media peers.
The revitalization for the almost 150-year-old Scripps comes as the company — as well as the broadcast industry at large — finds itself at a historically challenging moment.
The broadcast station industry — which also includes publicly traded companies like Nexstar Media Group, Tegna, Sinclair and Gray Media — faces the same challenges as its cable and content studio peers, namely the defection of pay TV bundle subscribers for streaming alternatives.
As a result, the industry has been in pursuit of consolidation as it awaits key regulatory changes. Scripps itself has been an M&A target, with Sinclair recently making a hostile approach to merge with the company. Scripps has rejected such overtures.
Meanwhile, media outlets across print, digital and TV have been in the midst of massive layoffs in the last year. Paramount Skydance has cut thousands of jobs across the company, including at its CBS News, and most recently The Washington Post reportedly told staffers it would eliminate a third of its newsroom jobs.
The rise of AI has also fueled fears about mass layoffs, especially in newsrooms.
In 2024 Scripps announced the creation of an AI team that would report to Laura Tomlin, Scripps’ chief transformation officer. Symson said her first order of business has been to “consolidate technology from across the company.”
Symson said Scripps’ move to implement new technology is not meant to replace journalism jobs with AI, but instead help newsrooms work more efficiently and ensure a long runway for local news.
“This cannot be a cost-cutting exercise in service to incrementally trying to improve margins from cutting product. That has proven to be the beginning of the end,” said Symson. “This really has to be about starting with our consumer understanding, what it is they need out of us, both from our news product as well as our sales product.”
Transformation efforts
This week, Symson gathered 200 leaders from across the company at Scripps’ headquarters in Cincinnati to outline the latest plan, which will be announced more broadly on Wednesday to Scripps employees and investors.
The company will also reaffirm its most recent earnings guidance, noting it expects its 2026 financial performance to be lifted by midterm elections — local broadcast stations rely heavily on political advertising — as well as the airing of the Winter Olympics and upcoming World Cup on its affiliates this year.
Harini Logan, 14, from San Antonio, Texas, receives the trophy from Scripps CEO Adam Symson after winning the annual Scripps National Spelling Bee held at National Harbor in Oxon Hill, Maryland, U.S., June 2, 2022. REUTERS/Jonathan Ernst
Jonathan Ernst | Reuters
This transformation, with the vision tagline, “We Create Connection,” is the latest step in recent years for Scripps to find new avenues of revenue growth.
“Scripps’ transformation effort is not unique, per se. Everyone in the space is cutting costs,” said analyst Dan Kurnos of Benchmark in a recent interview. “Last we checked, broadcast TV wasn’t the most rapidly growing segment of the media ecosystem. It’s just not as bad as cable.”
During a November earnings call with investors, Symson teased further initiatives the team has been working on, calling out its focus on “expense management.”
For the local media division, Scripps said its third-quarter expenses had decreased more than 4% year over year and the networks business saw expenses drop 7.5%, both due in part to “lower employee-related costs.”
Yet Kurnos said that Scripps has deviated from its peers with other moves, such as growing Scripps Sports with local media rights. Scripps’ networks now have the rights to air WNBA games, and the company has also been picking up the rights to NHL teams exiting their regional sports networks.
“I think Scripps has been forced to reinvent themselves a few times,” Kurnos told CNBC.
President and CEO of E. W. Scripps Company, Adam Symson poses for a photo with WNBA Commissioner, Cathy Engelbert.
Courtesy: Scripps
While Scripps has rejected a merger with Sinclair, the company has been doing smaller deals on its own, such as offloading stations and a station swap with Gray Media, which is still pending approval. This week the company also agreed to sell its Court TV network for less than $125 million, according to a person familiar with the matter who declined to be identified speaking about internal matters.
Symson acknowledged the need for consolidation as the industry forges ahead into a new era. But he fell short of saying it was a necessity, at least for Scripps, as some of his peers have said on recent public calls.
“Responsible consolidation is important for the industry, without question. But make no mistake about it, it is financial engineering,” said Symson. “It will create a tail wind for our business that investors should appreciate, and we will go after it, but it will not create the organic growth that we are talking about here.”
Symson’s history at Scripps runs deep and began in the newsroom. He started at the company as an executive producer of investigations and special projects at a Scripps-owned affiliate in Phoenix before joining the corporate parent in 2003 and taking over as CEO in 2017.
The latest transformation efforts follow similar shifts in 2023, when Scripps eliminated some anchor roles, added reporters in smaller markets and increased reporters’ wages, among other changes.
“It is very personal to me. I think at this point, I’m the only CEO of a broadcast company that comes from a journalism background and from the newsroom,” said Symson. “What we do is too important for us to not go on the offense and aggressively transform the company in order to ensure that we’re a company that continues to thrive.”
Disclosure: CNBC parent Versant is carrying NBC Sports-produced Olympic coverage on its networks, including USA Network and CNBC.
Prince, Princess of Wales offer condolences to Canadian victims after tragedy
The Prince and Princess of Wales shared their deep condolences after the tragedy that struck the Canadian public and cost them the loss of nine lives.
Prince William and Princess Catherine issued a statement through Instagram, on Wednesday, February 11, which began, “We stand with all Canadians following this morning’s appalling tragedy.”
The royal couple continued, “Our hearts are with the entire Tumbler Ridge community, and we extend our deepest condolences to the families and friends affected by this devastating loss.”
The shooting incident at Tumbler Ridge Secondary School located in British Columbia community resulted in the loss of nine lives, and more injured but the situation was prevented from getting worse because of the courage that the responders immediately showcased.
The future King and Queen also commended the brave responders, writing, “We are so thankful for the courage shown by the students, staff, and emergency responders who acted with selflessness in the face of such violence. W & C.”
While the investigations are still underway, police found the gunman dead at the scene of crime, after the emergency responders arrived within two minutes after the Royal Canadian Mounted Police received the reports of an active shooter attacking the school.
As for now, the secondary school and a neighbouring elementary school building are kept under a lockdown.
This comes after King Charles shared a statement expressing similar sentiments for the victims, and commending the brave survivors.
Lloyds Banking Group is to shut another 95 bank branches in the next round of closures announced by the high street bank.
The closures will affect branches across its Lloyds Bank, Halifax and Bank of Scotland brands between May 2026 and March 2027.
Under the plans, 53 Lloyds, 31 Halifax and 11 Bank of Scotland sites will shut.
Cash access network Link said 15 new locations will receive a banking hub in order to protect access to cash across the country.
Banking hubs are shared spaces operated by staff at different banks on different days, offering services including withdrawing and depositing cash and paying bills.
It is the latest swathe of branches to be axed, with Lloyds in the middle of its latest round of closures which will see 49 sites shut down by October.
That followed 136 closures announced around a year ago.
Lloyds will have 610 branches remaining once all the previously-announced closures are complete.
A spokeswoman for Lloyds said: “Customers want the freedom to bank in the way that works for them and we offer more choice and ways to manage money than ever before.
“From our leading apps and 24/7 messaging service to local banking options like our community bankers, PayPoint and access to all of our Lloyds, Halifax and Bank of Scotland branches, we’re giving our customers the flexibility to bank wherever and whenever they need us.”
