Record Dates Set For Scripps-Journal Spin-Offs, Dividend; Closing Expected April 1st
March 13, 2015 at 12:42 PM (PT)
The record dates for the E.W. SCRIPPS CO.-JOURNAL COMMUNICATIONS merger and spin-offs and a special cash dividend for SCRIPPS shareholders have been set. Shareholders in both companies as of MARCH 25th will receive shares in SCRIPPS, which will end up with the broadcasting properties of both companies, and the new newspaper-centric JOURNAL MEDIA GROUP, and SCRIPPS shareholders will get about $1 per share ($60 million aggregate) for each share they hold as of the same MARCH 25th record date.
The merger and split are expected to close on APRIL 1st. JOURNAL MEDIA GROUP shares will trade on a when-issued basis beginning MARCH 23rd, and SCRIPPS shares will trade on an "ex-distribution" and "when issued" basis on the same date. SCRIPPS will continue under the SSP symbol and the new JOURNAL MEDIA GROUP will trade as JMG, both on the NEW YORK STOCK EXCHANGE.