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Scripps, Journal Communications Complete Merger And Spinoff

The E.W. Scripps Company has completed its merger of broadcast assets with Journal Communications and the two companies have spun off their respective newspaper properties, Scripps announced on Wednesday. 
By
NetNewsCheck,

The E.W. Scripps Company has completed the merger of its broadcast assets with those of Journal Communications and the spinoff of their respective newspapers.

Scripps and Journal simultaneously spun off and merged their newspaper operations to form Journal Media Group and immediately thereafter merged their broadcast operations, making Scripps one of the nation’s largest independent TV station owners. 

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“Beginning today, the platform for our quality journalism and information products is a diverse group of local media brands – television, radio and digital – and we will reach nearly one in five U.S. television households,” said Rich Boehne, Scripps chairman, president and CEO, in a statement. “We have a big voice that we will continue to use to create and distribute great content and marketing messages that build brand and sales for our advertisers.”

Shareholders of Scripps class A and common voting shareholders of record as of close of business on March 25, 2015, today received a special one-time cash dividend of $1.0297 per share and .25 share in Journal Media Group for each Scripps share they owned.

Journal Communications’ class A and class B shareholders received 0.5176 Scripps class A common shares and 0.1950 shares in Journal Media Group for each Journal Communications share they owned.

Today, “regular way” trading begins in Journal Media Group and Scripps shares. As of today, Scripps shares no longer include the value of its former newspaper assets or the special dividend, and Journal Communications terminates trading.

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Scripps will continue to trade under the symbol “SSP” (NYSE) and Journal Media Group will trade under the symbol “JMG” (NYSE). 

Wells Fargo Securities acted as exclusive financial advisor to Scripps, Evercore Partners acted as exclusive financial advisor to the Scripps family, and Methuselah Advisors acted as exclusive financial advisor to Journal Communications.

 

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