Scripps-Journal Merger Shareholder Vote Set For March 11th
February 9, 2015 at 3:53 AM (PT)
The merger of JOURNAL COMMUNICATIONS, INC. and THE E.W. SCRIPPS CO. will come to a shareholder vote on MARCH 11th, according to the preliminary proxy statement filed FRIDAY (2/6) with the SEC.
The filing included a PowerPoint-style deck touting the benefits of the merger and clearing up "misconceptions," including the idea that voting against the merger would let "things go back to the way they were" (noting the changes in the broadcasting and publishing industries), that SCRIPPS would take over the MILWAUKEE JOURNAL SENTINEL (SCRIPPS would not own any papers; JOURNAL MEDIA GROUP, based in MILWAUKEE, would), that SCRIPPS would not honor JOURNAL's pension plan (it is contractually and by law obligated to do so), and that JOURNAL radio and TV stations will leave their towns (the stations will not move).