Scripps shareholders vote on cable merger

Tue, August 26, 1997 by Rich Boehne

CINCINNATI, Ohio – Shareholders of The E.W. Scripps Company voted today to give the company’s board of directors the ability to proceed, at its discretion, with the proposed merger of the Scripps cable television systems with Comcast Corporation.Through an agreement reached in Oct. 1995, Comcast proposes to acquire the Scripps systems in exchange for shares of Comcast stock, to be distributed tax-free to Scripps shareholders. The Scripps board has the option to terminate the merger if Comcast’s average share price is below $17.06 (according to a formula outlined in the parties’ joint proxy statement) and Comcast declines to increase the number of shares to be delivered to Scripps shareholders.