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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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July 31, 2014
05:30 EDTSSPE.W. Scripps holders to receive $60M special dividend
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05:27 EDTSSPScripps, 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.
05:25 EDTSSPScripps, Journal merging broadcast operations, to spin off newspapers
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