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News Breaks
February 10, 2014
08:18 EDTSSPE.W. Scripps agrees to acquire two stations for $110M
E.W. Scripps has agreed to acquire two television stations owned by Granite Broadcasting -- Detroit MyNetworkTV affiliate WMYD and Buffalo ABC affiliate WKBW -- for $110M in cash. The acquisition of WMYD creates a duopoly with the largest Scripps station, Detroit ABC affiliate WXYZ. The acquisition of WKBW in Buffalo adds the ABC station in market #52. With this deal, Scripps will own 11 ABC affiliates that will reach nearly 12 percent of U.S. households, the largest reach among station groups. The transaction is structured as a purchase of assets, and it will be funded with cash on hand; no debt financing will be required. It is expected to be accretive to earnings in the first full year Scripps operates the acquired stations. The transaction is subject to regulatory approvals and customary closing conditions and is expected to close in the second quarter.
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March 30, 2015
10:13 EDTSSPE.W. Scripps announces payment of special dividend to shareholders
The E.W. Scripps Company (SSP) has set the amount of a special cash dividend related to the merger of its broadcast assets with those of Journal Communications (JRN) and the spinoff of their respective newspapers.The special one-time cash dividend of $1.0297 per share is payable to shareholders of record as of the close of business on March 25. The total amount of the special dividend payment will be $60M. Scripps shareholders of record as of the close of business on March 25 also will receive shares in Journal Media Group, the independent newspaper company created by the spin-offs, payable upon the closing of the transactions. Journal Communications shareholders also receive shares in the new Journal Media Group.The special dividend is payable upon the closing of the transactions, scheduled for April 1. On the closing date, Scripps and Journal will simultaneously spin off and merge their newspaper operations to form Journal Media Group and immediately thereafter merge their broadcast operations, making Scripps one of the nation's largest independent TV station owners.

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