Friday May 9, 02:31 PM
E.W. Scripps OKs separation into 2 companies, sets 1-for-3 reverse split
NEW YORK (Thomson Financial) - E.W. Scripps Co. Friday said its board approved a measure to separate the company into two public companies, effective July 1.
One of the companies will focus on national and global lifestyle media, the Scripps said, while the other will be a local media franchise. The new company will be called Scripps Networks Interactive Inc.
The separation will occur in a tax-free distribution of stock. Scripps shareholders will receive one share of Scripps Networks for each share they own of E.W. Scripps.
The board also approved a one-for-three reverse stock split, effective July 16, pending a shareholder vote.
The split will only apply to E.W. Scripps, not the new company.
Shares of E.W. Scripps closed Thursday at $46.77.
Ryan Vlastelica
rv/pc
COPYRIGHT
Copyright Thomson Financial News Limited 2007. All rights reserved.
The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
NNNN
|
|
|
Send Article by Email
Send Article by IM
Blog This with Y! 360
Printable View
