Key Developments: E. W. Scripps Co (SSP.N)
19 Sep 2014
Latest Key Developments (Source: Significant Developments)
EW Scripps Co and Journal Communications Inc announces merging broadcast operations, spinning off newspapers
EW Scripps Co and Journal Communications Inc:Says they have agreed to merge their broadcast operations and spin off and then merge their newspapers, creating two focused and separately traded public companies.The merged broadcast and digital media company, based in Cincinnati, will retain The E.W. Scripps Company name, and the Scripps family shareholders will continue to have voting control.The company will have about 4,000 employees across its television, radio and digital media operations and is expected to have annual revenue of more than $800 million.The newspaper company will be called Journal Media Group and will combine Scripps' daily newspapers, community publications and related digital products in 13 markets with Journal Communications' Milwaukee Journal Sentinel, Wisconsin community publications and affiliated digital products.The company, with expected annual revenue of more than $500 million and about 3,600 employees, will be headquartered in Milwaukee.The Scripps and Journal Communications boards of directors have approved the stock-for-stock transactions, which are subject to customary regulatory and shareholder approvals.Says the deal is expected to close in 2015. Full Article
EW Scripps Co announced that Board Of Directors elected Rich Boehne as its new chairman. He succeeds Nackey E. Scagliotti, a great-granddaughter of founder Edward W. Scripps. She notified the board in February of her plans to retire as of the 2013 annual meeting following 14 years as a director and the final five years as the board's chair. Full Article
July 30 - Journal Communications Inc. and E.W. Scripps agreed to merge broadcast operations and spin off their newspaper businesses into a new publicly traded entity, the media companies said late on Wednesday.