Scripps announces approval of 1-for-3 reverse stock split
Tue, July 15, 2008 by Tim King
CINCINNATI - Shareholders of The E. W. Scripps Company today approved an amendment to the company's amended and restated articles of incorporation to effect a 1-for-3 reverse share split.
The reverse share split first was approved by the board of directors in early May, and required approval by both Class A Common and Common Voting shareholders. A majority of shares from both classes approved the proposal at a special shareholders' meeting held today at the company's headquarters.
The reverse share split becomes effective before trading begins on July 16, 2008.
The reverse share split does not affect the shares of Scripps Networks Interactive (SNI), which were distributed to shareholders of The E. W. Scripps Company in the form of a tax-free dividend on July 1, 2008.
Starting July 16, 2008, there will be approximately 54 million shares outstanding, which represent one-third of the approximately 163 million shares outstanding at the close of trading on July 15, 2008.
No fractional shares will be issued. Any fractional holdings that will result from the reverse share split will be settled with a cash payment.
About ScrippsThe E. W. Scripps Company (NYSE: SSP) is a diverse, 130-year-old media enterprise with interests in broadcast television stations, newspaper publishing, and licensing and syndication.