SCRIPPS-JOURNAL MERGER GETS FCC APPROVAL
Scripps-Journal Merger Gets FCC OK
The two companies are merging their broadcast operations under the E.W. Scripps Co. name while spinning off their newspaper interests into a new company, Journal Media Group.
The FCC approved the applications of The E.W. Scripps Co. and Journal Communications, authorizing a transfer of control of the Journal Communications television and radio station licenses to Scripps.
Scripps and Journal plan to merge their broadcast operations as well as spin off their combined newspaper interests to form a new publicly traded company called Journal Media Group. The transaction is subject to approval by Scripps and Journal Communications shareholders and is expected to close in the first half of 2015.
Once the deal closes, the merged broadcast and digital media company will retain the E.W. Scripps Co. name, and the Scripps family shareholders will continue to have voting control. The company will have approximately 4,000 employees across its television, radio and digital media operations.
The new company, Journal Media Group, will combine Scripps’ daily newspapers, community publications and related digital products in 13 markets with Journal Communications’ Milwaukee Journal Sentinel, Wisconsin community publications and affiliated digital products. The company, with approximately 3,600 employees, will be headquartered in Milwaukee.
SOURCE: TV News Check