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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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