Scripps and Comcast close cable transaction
Tue, August 26, 1997 by Rich Boehne
CINCINNATI, Ohio – The E.W. Scripps Company said today that it has completed the merger of its cable television systems with Comcast Corporation.In exchange for the cable systems, Scripps shareholders will receive 93.048 million shares of Comcast stock. For each share of Scripps owned, the holder will receive 1.158 Comcast shares, based on the final terms determined at closing.The Comcast shares will be distributed directly to Scripps shareholders on a tax-free basis.The New York Stock Exchange anticipates that it will begin "when-issued" trading of the new Scripps security (the company excluding cable television) on Thursday, Nov. 14. The symbol will remain "SSP."The agreement to merge the Scripps systems with Comcast was first announced in October of 1995.