Shareholders Foundation Sues To Block Journal-Scripps Deal
August 20, 2014 at 3:58 AM (PT)
SHAREHOLDERS FOUNDATION, a firm that sues companies when they sell or merge their operations and challenges the deals as selling for too low a price, has filed a suit to block the JOURNAL COMMUNICATIONS-E.W. SCRIPPS CO. merger.
The firm is seeking shareholders of JOURNAL to join the suit, which alleges that JOURNAL breached its fiduciary duties to its stockholders by selling "too cheaply via an unfair process" to SCRIPPS.
The paperwork for the merger was filed with the FCC TUESDAY and indicates that JOURNAL will divest one WICHITA FM and one of its BOISE TV stations to comply with ownership restrictions. SCRIPPS will request a waiver to allow it to own MY NETWORK TV affiliate WACY-TV (MY NEW 32) and NBC affiliate WGBA-TV (NBC 26)/GREEN BAY.