VOL. 129 | NO. 148 | Thursday, July 31, 2014
Scripps To Spin-Off Newspapers Including Commercial Appeal
By Bill Dries
The E.W. Scripps Co. of Cincinnati announced Wednesday, July 30, that it will spin off its newspapers, including The Commercial Appeal, in 2015 into a new Journal Media Group to be headquartered in Milwaukee along with newspapers from the Journal Media Group of Milwaukee.
Scripps will own and operate the combined television and radio stations of both companies in 27 markets and exit the newspaper business entirely. The company began in 1878 as a newspaper company in Cleveland, Ohio that published a newspaper called “Penny Press.”
In the mergers and spinoffs, Scripps shareholders will own 59 percent of Journal Media Group and 69 percent of the new Scripps broadcasting business.
The two publicly traded companies will be separate entities.
Executives of both companies were expected to talk more about the deal with analysts and investors in an 8 a.m. Thursday webcast.