Mon, Aug. 24, 2:24 PM
- E.W. Scripps (SSP -1.8%) will take a charge of up to $60M in Q4 as it offers about 4,300 former employees with vested deferred pension benefits an option of getting those benefits as a lump sum or an immediate annuity.
- Employees were notified over the weekend, and have until Oct. 13 to choose. Lump sums will be paid out in November.
- The precise noncash settlement charge will depend on the rate of acceptance. Scripps expects the plan's funded status (80% ratio at 2014's end) to be materially unchanged.
Mon, Aug. 10, 12:59 PM
- E.W. Scripps (NYSE:SSP) is off 4.1% after dueling price target actions today in the wake of posting a Q2 loss Friday.
- Jefferies Group has lowered its target on the shares to $23, from $25. It maintains a Hold rating on the stock.
- Scripps closed Friday at $20.25 and is now trading at $19.42.
- Meanwhile, Benchmark has raised its target on Scripps to $29, from $28, implying a 49% upside from today's price.
- The stock picked up 3% on Friday after it posted a loss due to restructuring costs. It was the first quarter reporting under reorganized categories following a merger/spinoff with Journal Media Group.
- Previously: Scripps up 3.7% as TV results boosted by retransmission revenues (Aug. 07 2015)
Fri, Aug. 7, 11:31 AM
- E.W. Scripps (NYSE:SSP) is up 3.7% after posting a wider Q2 loss (driven by restructuring costs) in its first quarter reporting under new categories, following the April 1 merger/spinoff with Journal Media Group that placed broadcast properties with Scripps.
- Pre-spinoff newspaper results are now reported as discontinued operations.
- Revenues by segment: Television, $167.4M (up 50.3%); Radio, $19.4M (new); Digital, $8.6M (up 58%); Syndication and Other, $2.7M (down 6.1%). In P&L, the company lost $4.9M in Digital and $1M in Syndication and Other, but drew a $4.9M profit from Radio and a $44.6M profit in TV.
- Results in TV were boosted by retransmission revenues that rose $13.5M to $36M, offsetting a decline in political advertising (down $4.7M to $2.2M).
- For Q3, management says it expects TV revenue down mid single digits (prior year had $21M political revenue) and expenses up high single digits; radio revenue flat to down low single digits, and expenses to rise low single digits; and digital revenue (boosted by its Midroll acquisition) to be up more than 40% and expenses up mid-20s.
- Press Release
Fri, Aug. 7, 7:34 AM
Thu, Aug. 6, 5:30 PM
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Thu, Jul. 16, 7:45 PM
- After the past year's detailed negotiations with affiliates to get on board CBS All Access, the streaming service has built some significant recent momentum.
- The service is available in 124 markets -- about 75% of the country -- due to participation from about 40 affiliate groups added on to CBS-owned stations. (The live local offering is available in 59 markets reaching a little more than half the country; other markets still have 7,000 episodes on demand.)
- Recent deals with Media General (NYSE:MEG), Scripps (NYSE:SSP), and Sinclair (NASDAQ:SBGI), among others, will bring CBS All Access to markets including Portland, Ore.; Nashville, Tenn.; and Cincinnati, among others.
Fri, May 8, 5:28 PM
- E.W. Scripps (NYSE:SSP) finished down 0.8% today after its first quarterly report as primarily a TV-station holder, following its merger/spinoff with the now-Journal Media Group.
- The transaction reduced EPS by about $0.07; the company recorded a loss of $0.09/share.
- Newspaper operating revenues fell 7.1%, to $91.5M, but the operation grew profit to $9.1M from $8.6M.
- Television operating revenues were up 17% to $120M, driven by retransmission revenue that more than doubled, along with revenue from two stations acquired from Granite last year.
- On April 30, the company had cash and equivalents of $123M against debt of $409M.
- Beginning next quarter, the company will report in four segments: Television, radio, digital, and syndication and other.
- Press Release
Fri, May 8, 8:09 AM
Thu, May 7, 5:30 PM
Wed, Apr. 1, 7:29 PM
- As planned, E.W. Scripps (NYSE:SSP) wrapped its merger/spinoff with Journal Communications (NYSE:JRN) today, making Scripps one of the country's biggest indie TV station owners, with more than 30 stations.
- Scripps shareholders received a $1.0297/share cash dividend along with 0.25 shares in the new newspaper entity, Journal Media Group (Pending:JMG), for each Scripps share they held.
- Journal Communications, meanwhile, terminates trading as its class A and B shareholders get 0.5176 Scripps A shares and 0.195 JMG shares for each JRN share they held.
- The new JMG settled into regular-way trading today at $8.80 after trading 572K shares.
Wed, Apr. 1, 12:45 PM
Mon, Mar. 30, 12:03 PM
- E.W. Scripps (NYSE:SSP) is up 2.4% after setting $60M up for the special dividend associated with its merger/spinoff with Journal Communications (JRN +2.5%).
- As expected, the closing date for the transaction is this Wednesday, April 1.
- When-issued trading is under way for Journal Media Group (JMG -0.4%), the resulting spinoff ticker that will hold the newspaper assets from JRN and SSP.
Mon, Mar. 30, 10:17 AM
Mon, Mar. 23, 9:12 AM| Mon, Mar. 23, 9:12 AM | Comment!
Fri, Mar. 13, 4:41 PM
- With their merger and business spinoffs approved by shareholders, E.W. Scripps (SSP +2.4%) and Journal Communications (JRN +2.1%) have set related record dates around the transaction.
- Shareholder in both companies of record as of the close of March 25 will receive shares in the new entity, Journal Media Group (Pending:JMG), which will hold the two companies' newspaper assets from here. The share transfer is effective with the closing of the transactions, expected April 1.
- As for a special $60M cash dividend for Scripps (about $1/share), it will go to Scripps shareholders of record as of the close of March 25.
- When-issued trading for JMG starts March 23, and Scripps A shares will trade from that date on an "ex-distribution" and "when-issued" basis.
- Previously: After merger vote, Scripps gets credit upgrade from S&P (Mar. 11 2015)
- Previously: Scripps, Journal Communications shareholders OK merger/spinoff (Mar. 11 2015)
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The E W Scripps Cois 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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