SEC ruling moves separation of Scripps forward, allows for 'when-issued' trading on NYSE

By Lisa Kerner

Charlotte, N.C., June 11 - The Securities and Exchange Commission affirmed the effectiveness of the form 10 registration statement filed for Scripps Networks Interactive Inc. in connection with its planned separation from the E.W. Scripps Co.

With the ruling, E.W. Scripps can complete the pro rata distribution of shares in Scripps Networks Interactive to E.W. Scripps shareholders on July 1, according to a company news release.

E.W. Scripps also announced that both Scripps Networks Interactive class A common shares and the class A common shares of E.W. Scripps, post spinoff, will trade on a "when-issued" basis on the New York Stock Exchange under the ticker symbols "SNIWI" and "SSPWI," respectively, from June 12 through the completion of the spinoff.

Class A common shares of E.W. Scripps will continue regular-way trading on the NYSE under the ticker symbol "SSP" during this period.

On July 1, regular-way trading will begin for Scripps Networks Interactive under the ticker symbol "SNI" and will continue for the E.W. Scripps under the ticker symbol "SSP."

The board of directors of E.W. Scripps approved the separation of E.W. Scripps into two public companies effective July 1. The company's controlling class of shareholders will vote on the transaction at the company's annual meeting on June 13.

With the separation, one company will focus on national and global lifestyle media as well as interactive services, while the other company's focus will be on market-leading local media franchises, the Cincinnati-based media company said.

If the plan is approved, all shareholders of record as of June 16 will receive one share of Scripps Networks Interactive stock on July 1 for each share of E.W. Scripps stock they own, the company said.

As previously reported, the separation will take the form of a tax-free distribution of stock to E.W. Scripps shareholders in a new company called Scripps Networks Interactive.

E.W. Scripps shareholders will continue to own stock in both companies once the separation is complete.

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