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Stock Market & Financial Investment News

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.
News For SSP From The Last 14 Days
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March 4, 2015
07:34 EDTSSPE.W. Scripps 'moving rapidly' to close transactions with Journal Communications
The company commented, "We are moving rapidly to close our transactions with Journal Communications after receiving clearance from the Securities and Exchange Commission last month. These transactions will create pure-play broadcast and newspaper companies able to fully focus on their industry opportunities. Following the shareholder votes on March 11, we hope to move smoothly to an early second-quarter close. Once we complete the deal, Scripps will own 33 television stations and 34 radio stations in 27 markets as well as dozens of digital news and information products both in our local markets and with a national reach."
07:33 EDTSSPE.W. Scripps not providing guidance due to timing of Journal Comm. transaction
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07:33 EDTSSPE.W. Scripps reports Q4 Television revenue up 28% to $147M
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07:32 EDTSSPE.W. Scripps reports Q4 EPS 27c, consensus 40c
Reports Q4 revenue $245.73M, consensus $248.76M. Acquisition-integration costs and investment write-offs reduced earnings per share by approximately 11c. The tax expense for the quarter includes $6.4M, or 11c per share, in favorable adjustments to the company's tax reserves.
March 3, 2015
15:20 EDTSSPNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's market open, with earnings consensus, include PetSmart (PETM), consensus $1.38... Trina Solar (TSL), consensus 13c... Lexicon Pharmaceuticals (LXRX), consensus (3c)... Abercrombie & Fitch (ANF), consensus $1.15... American Eagle Outfitters (AEO), consensus 34c... E. W. Scripps (SSP), consensus 40c.
March 2, 2015
08:08 EDTSSPJournal says proxy firms recommend investors vote for Scripps transaction
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February 26, 2015
14:06 EDTSSPNY Daily News hires Lazard to explore sale, Buzzfeed reports
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February 22, 2015
17:57 EDTSSPInvestors should hold on to E.W. Scripps, Barron's says
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