Thu, Feb. 19, 1:06 PM
- Mario Gabelli -- whose funds hold 19% of Journal Communications (NYSE:JRN) -- opposes the company's plan to combine broadcast ops with E.W. Scripps (NYSE:SSP), but without the votes to kill it, he'll either vote no or abstain.
- While the numbers make sense to Gabelli, he's unhappy that Journal would get no voice on Scripps' board -- and that the Scripps family still has outsized representation. Journal shareholders would account for 31% of the combined shares.
- "They're going to get the votes," Gabelli says of the approvals scheduled for simultaneous shareholder meetings on March 11.
- Along with combining broadcast operations, the plan involves spinning off combined newspapers into an entity called Journal Media Group based in Milwaukee, while Scripps would run the broadcast operation from Cincinnati.
- Shares today: JRN -1.5%; SSP -1.7%.
Tue, Feb. 3, 10:17 AM
- The New York Times Co. (NYSE:NYT) is up 5.9% on news of its Q4 earnings beat.
- Digital ad growth of 19% is seen as encouraging as the company wrestles with slipping print advertising revenue.
- News peers are also trading higher today: (GCI +2.8%), (SSP +2.9%), (LEE +3.4%), (AHC +2.5%).
- The NYT conference call comes up at 11 a.m.
Nov. 10, 2014, 10:21 AM
Nov. 7, 2014, 9:45 AM
- E.W. Scripps (SSP +2.8%) reports a 21.9% rise in TV segment to $121.07M in Q3.
- Political advertising improved drastically during the period to $17.4M (Year ago sales $1.04M).
- Retransmission fees up 46.4% to $15.24M.
- Newspaper revenue fell 4.4% to $84.47M.
- Operating expenses +3.7% to $204.94M.
- Q4 Guidance: Television revenues, as a percentage, to increase in upper 20s, including $33.0M in Political advertising & $15.0M in Retransmission revenue. Television expenses to increase low teens. Newspaper revenues to decline mid-single digits and expenses to decline low single digits. Shared services and corporate expenses to be less than $15.0M.
Nov. 7, 2014, 7:39 AM
Nov. 6, 2014, 5:30 PM
Aug. 11, 2014, 1:45 PM
- There's some asset re-allocation going on in the media sector with a group of newspapers stocks piling on some gains - while select TV broadcaster and digital media stocks head in the other direction.
- The flurry of merger and spinoff news within the sector has created more pure-play bets and consolidated some firms into larger players.
- Analysts have noted the extra volatility in the sector has created more buy/sell opportunities than normal on mismatched valuation.
- Gainers: McClatchy (NYSE:MNI) +3.0%, Lee Enterprises (NYSE:LEE) +3.3%, New Media Investment (NYSE:NEWM) +4.4%.
- Decliners: E.W. Scripps (NYSE:SSP) -3.6%, Media General (NYSE:MEG) -2.1%, Journal Communication (NYSE:JRN) -3.4%.
- Related ETF: PBS
Aug. 8, 2014, 7:51 AM
Aug. 8, 2014, 7:38 AM
Jul. 31, 2014, 12:45 PM
Jul. 31, 2014, 10:10 AM
- E.W. Scripps (SSP +9.5%) and Journal Communications (JRN +24.1%) announce they will merge their broadcast operations and spin off the businesses as a new publicly traded company.
- The newspaper businesses of both entities will then be merged into a new entity called Journal Media Group.
- The deals are expected to close in 2015.
Jul. 31, 2014, 9:11 AM| 4 Comments
Jun. 25, 2014, 12:11 PM
- Sinclair Broadcast (SBGI +14.1%), Media General (MEG +10.4%), E.W. Scripps (SSP +7.9%), Gray Television (GTN +7.5%), Meredith (MDP +4.3%), Gannett (GCI +3.8%), and Nextar (NXST +15.6%) are taking off after the Supreme Court ruled (by a 6-3 vote) Aereo's TV streaming service is illegal.
- National broadcast network owners are generally showing more moderate gains.
May. 12, 2014, 1:20 PM
- TV broadcast stocks are outperforming for the day after the sector was tapped by M.D. Sass to soar.
- The investment firm notes there is a disconnect between the 10% of carriage fee revenue broadcasters haul in compared to the 35% of total viewing they account for across the industry. A normalization of the revenue mix is in the "early inning," according to Sass.
- A timely initiation by Wells Fargo of Media General at Outperform is also giving a boost.
- Gainers: E.W. Scripps (SSP) +7.6%, Nexstar Broadcasting (NXST) +5.7%, Media General (MEG) +4.8%, Liberty Interactive (LVNTA) +1.9%, Sinclair Broadcast Group (SBGI) +1.9%, Gray Television (GTN) +1.7%.
May. 9, 2014, 7:36 AM
Mar. 21, 2014, 8:13 AM
- Broadcast media names get jiggy after Media General agrees to buy Lin Media for nearly double last night's close.
- Gray Television (GTN) +9.2% premarket, Nexstar Broadcasting (NXST) +3.2%, E.W. Scripps (SSP) +1.1%. Keep an eye on Entravision Communication (EVC) as well, along with the PowerShares Dynamic Media Portfolio (PBS).
SSP vs. ETF Alternatives
E. W. Scripps Company is a media enterprise with interests in television stations, newspapers, and local and national digital media sites. It operates in three segments namely television, newspaper and syndication.
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