E.W. Scripps shareholders say 'yes' to separation of Scripps Networks Interactive

By Lisa Kerner

Charlotte, N.C., June 13 - E.W. Scripps Co.'s controlling class of shareholders approved the separation of Scripps Networks Interactive Inc. into a separate publicly traded company at the annual meeting on Friday.

E.W. Scripps said there is no public market for the controlling common voting shares and Ohio law does not require a vote by holders of the company's publicly traded class A common shares.

It was previously announced that the Securities and Exchange Commission affirmed the effectiveness of the form 10 registration statement filed for Scripps Networks Interactive in connection with its planned separation.

Scripps Networks Interactive class A common shares and class A common shares of E.W. Scripps (on a post spinoff basis) are currently trading on a "when-issued" basis on the New York Stock Exchange under the ticker symbols "SNIWI" and "SSPWI," respectively.

The shares will continue to trade on a "when-issued" basis through the completion of the spinoff, the news release said.

During the period, class A common shares of E.W. Scripps will continue regular way trading on the NYSE under the ticker symbol "SSP," the company said.

Regular way trading will begin for Scripps Networks Interactive under the ticker symbol "SNI" and will continue for E.W. Scripps under the ticker symbol "SSP" on July 1.

The board of directors of E.W. Scripps approved the separation of the company into two public companies effective July 1, it was noted previously.

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 in a prior statement.

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.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.