Scripps CEO adopts 10b5-1 trading plan
Fri, June 11, 2010 by Tim King
Rich Boehne, president and chief executive officer of The E.W. Scripps Company, has adopted a stock trading plan in accordance with the guidelines specified by Rule 10b5-1 under the Securities and Exchange Act of 1934.
Boehne's plan calls for the sale of up to 173,000 shares, and up to 207,000 shares underlying options, if certain conditions are met. The sales may begin in August and will be completed by the end of January 2011. If all shares in the plan are sold, Boehne's total holdings of shares, shares underlying options, restricted shares and restricted share units will be reduced by approximately 15 percent.
Rule 10b5-1 permits corporate officers, directors and others to adopt written, pre-arranged stock trading plans when they are not in possession of material, non-public information. These plans allow insiders to have shares sold for their accounts over a period of time regardless of any material, non-public information they may receive after adopting their plans.
In accordance with 10b5-1 rules, Boehne will have no discretion over sales under his plan. All transactions under the plan will be disclosed through Form 144 and Form 4 filings with the Securities and Exchange Commission as required by applicable securities laws.
The E.W. Scripps Company is a diverse, 131-year-old media enterprise with interests in television stations, newspapers, local news and information Web sites, and licensing and syndication. The company's portfolio of locally focused media properties includes: 10 TV stations (six ABC affiliates, three NBC affiliates and one independent); daily and community newspapers in 13 markets and the Washington, D.C.-based Scripps Media Center, home of the Scripps Howard News Service; and United Media, the syndicator of Peanuts, Dilbert and approximately 150 other features and comics. For a full listing of Scripps media companies and their associated Web sites, visit http://www.scripps.com/.