Wed, Oct. 7, 5:35 PM
- Journal Media Group (JMG +5.5%) is up 8.4% after hours on a Wall Street Journal report that Gannett (NYSE:GCI) is close to a deal to buy it out.
- A deal that could reach $300M (at a premium of 50% or more) could be announced as soon as tomorrow.
- Journal Media Group was established just this spring in a merger/spinoff between E.W. Scripps (NYSE:SSP) and Journal Communications; JMG took on the newspaper operations of both companies while handing off broadcast and digital media to Scripps.
- With Gannett (which recently underwent its own broadcast/print spinoff with Tegna) ready to buy into the pure-play print company, the move could kick off a long-awaited round of newspaper industry consolidation.
- Gannett is flat in after-hours trading.
- Previously: Scripps, Journal wrap broadcast/print merger, spinoff (Apr. 01 2015)
Wed, Jul. 22, 2:15 PM| Wed, Jul. 22, 2:15 PM | 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)
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)
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
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).
Dec. 30, 2011, 12:55 PMMcGraw-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. | Dec. 30, 2011, 12:55 PM | Comment!
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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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