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July 31, 2014
05:27 EDTSSP, JRNScripps, Journal merging broadcast operations, to spin off newspapers
E.W. Scripps (SSP) and Journal Communications (JRN) have agreed to merge their broadcast operations and spin off and then merge their newspapers, creating two focused and separately traded public companies that offer long-term opportunities to create value for shareholders. The merged broadcast and digital media company, based in Cincinnati, will retain The E.W. Scripps company name, and the Scripps family shareholders will continue to have voting control. The company will have approximately 4,000 employees across its television, radio and digital media operations and is expected to have annual revenue of more than $800M. The newspaper company will be called Journal Media Group and will combine Scripps' daily newspapers, community publications and related digital products in 13 markets with Journal Communications' Milwaukee Journal Sentinel, Wisconsin community publications and affiliated digital products. The company, with expected annual revenue of more than $500M and approximately 3,600 employees, will be headquartered in Milwaukee. The Scripps and Journal Communications boards have approved the stock-for-stock transactions, which are subject to customary regulatory and shareholder approvals. The deal is expected to close in 2015.
News For SSP;JRN From The Last 14 Days
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October 10, 2014
08:33 EDTJRN, SSPJournal Communications unit to sell KFTI-FM
Journal Broadcast Group, a subsidiary of Journal Communications (JRN) has announced an agreement to sell radio station KFTI-FM in Wichita to Envision Broadcast Network, which is affiliated with Envision. Journal Broadcast Group is required to divest one FM station in its Wichita cluster as a result of the announced transaction between Journal Communications and E.W. Scripps (SSP), in order to comply with the FCC’s ownership limits. As part of that transaction, Journal Broadcast Group’s TV and radio stations will become part of Scripps, and both companies’ newspaper operations will be spun off and then merge to form a new public company called Journal Media Group. The transaction is expected to close in 2015. The sale of KFTI is contingent on FCC approval.
October 8, 2014
09:08 EDTSSPE.W. Scripps acquires mobile weather technology firm WeatherSphere
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06:35 EDTSSPE.W. Scripps acquires WeatherSphere, terms not disclosed, TechCrunch reports
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