E.W. Scripps to split into two public companies pending shareholder approval June 13

By Lisa Kerner

Charlotte, N.C., May 9 - The board of directors of E.W. Scripps Co. approved management's plan to separate Scripps into two public companies effective July 1, it was announced on Friday.

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.

The separation will take the form of a tax-free distribution of stock to Scripps shareholders in a new company called Scripps Networks Interactive Inc., a company news release stated.

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

Shareholders will vote on the transaction at Scripps' annual meeting on June 13.

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 Scripps stock they own, the company said.

Scripps' board of directors also announced the approval of a one-for-three reverse stock split for shares in Scripps that takes effect July 16, pending shareholder approval.

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