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The E.W. Scripps Company (SSP)

- NYSE
  • 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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  • Wed, Mar. 11, 11:57 AM
    • Shareholders of E.W. Scripps (SSP +0.2%) and Journal Communications (JRN 0.4%) have signed off on the two companies' merger/spinoff plans.
    • With no remaining regulatory or shareholder approvals, the deal is setting up for an early Q2 close.
    • The two will combine their broadcast and digital media assets under a company retaining the E.W. Scripps name, and put their newspapers and community publications and related digital products into a firm to be called Journal Media Group.
    • The two will trade on NYSE under the symbols SSP (for Scripps) and JMG (for Journal Media Group).
    • Scripps shareholders will also get a $60M special dividend from the deal, with details to come Friday.
    • Previously: Newspapers provide headwind for Scripps' Q4 earnings (Mar. 04 2015)
    • Previously: Gabelli expects Journal-Scripps combo despite his opposition (Feb. 19 2015)
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  • Wed, Mar. 4, 8:58 AM
    • E.W. Scripps (NYSE:SSP) posted lackluster earnings for Q4 as TV results boosted by midterm political ads couldn't shake the drag from newspapers.
    • The company missed on top and bottom lines. Income from operations before taxes of $18.1M, up from $7.1M. EPS of $0.27 was impacted by acquisition-integration costs and write-offs totaling about $0.11/share.
    • Revenue breakouts: Television, $147M (up 28%); Newspapers, $95M (down 7.9%); Shared services/corporate (includes investment in digital ops), $15.1M (up 2%).
    • Cash and equivalents at year's end of $158M vs. total debt of $198M.
    • Along with shareholders of Journal Communications (NYSE:JRN), the company is set for a March 11 vote to merge and combine their broadcast operations in one company (to be called E.W. Scripps) and newspaper ops in the other (to be called Journal Media Group).
    • The company isn't providing guidance (and hasn't been repurchasing shares) due to the Journal transaction.
    • Conference call at 9 a.m. ET.
    • Press release
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  • 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).
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  • Dec. 30, 2011, 12:55 PM
    McGraw-Hill (MHP -0.5%) says it's completed the sale of its former broadcasting group and its nine television stations to Scripps (SSP -0.6%) for $212M. The sale includes ABC-affiliated stations in Denver, Indianapolis, San Diego and Bakersfield, plus five stations affiliated with the Spanish-language Azteca America network in Colorado and southern California.
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Company Description
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.