Scripps-Journal Merger Completed
April 1, 2015 at 5:48 AM (PT)
It's official, as THE E.W. SCRIPPS COMPANY has announced the completion of its merger with JOURNAL COMMUNICATIONS and the spinoff of the merged companies' newspaper properties as JOURNAL MEDIA GROUP. SCRIPPS retains the two companies' television, radio, and digital properties.
JOURNAL Class A and B shareholder received 0.5176 SCRIPPS class A common shares and 0.1950 shares in JOURNAL MEDIA GROUP for each of their shares; SCRIPPS shareholders got a special one-time cash dividend of $1.0297 per share and .25 share in JOURNAL MEDIA GROUP. SCRIPPS will trade as SSP and JOURNAL MEDIA GROUP as JMG on the NEW YORK STOCK EXCHANGE.
SCRIPPS Chairman RICH BOEHNE said, "Beginning today, the platform for our quality journalism and information products is a diverse group of local media brands -- television, radio and digital -- and we will reach nearly one in five U.S. television households. We have a big voice that we will continue to use to create and distribute great content and marketing messages that build brand and sales for our advertisers."