Milwaukee-based Journal Communications Inc. and The E.W. Scripps Co. today completed their merger and spin-off transactions.
The newspaper and publishing operations have been spun off and combined in the new Milwaukee-based company Journal Media Group, which has about 3,000 employees nationwide. The group includes the Milwaukee Journal Sentinel and its digital products, and daily newspapers and related digital offerings in 13 U.S. markets, which include the Naples Daily News, the Knoxville News Sentinel and the Corpus Christi Caller-Times.
The newly formed newspaper company is starting fresh financially, which company leaders hope can help it keep a healthy balance sheet in a struggling industry.
“In addition to our company’s many strategic assets, we are launching with a solid balance sheet and no debt,” said Jason Graham, senior vice president, chief financial officer and treasurer of Journal Media Group. “We’re excited to have the financial flexibility to make strategic decisions that will help our enterprise navigate the ongoing transformation of the local media landscape.”
Trading in Journal Communications stock has been discontinued, and shareholders of record for both companies as of the close of business on March 25 will receive shares of Journal Media Group. Journal Media Group stock is traded on the New York Stock Exchange with the ticker symbol “JMG.” E.W. Scripss Co. also is traded on the NYSE with the ticker symbol “SSP.”
“As dawn broke across our markets this morning, Journal Media Group continued a vital and proud tradition of providing communities with compelling public service journalism. That tradition started with the commitment of media pioneers Edward W. Scripps and Lucius W. Nieman and has continued for more than 130 years under the stewardship of The E.W. Scripps Company and Journal Communications,” said Tim Stautberg, president and chief executive officer of Journal Media Group. “The opportunity to be more engaged and more meaningful in the lives of our customers has never been bigger, and we look forward to transforming our relationships with both consumers and the advertisers who wish to reach them.”
The companies also merged their broadcast operations under a separate company, which will retain The E.W. Scripps Co. name, and will continue to be based in Cincinnati. The Scripps family shareholders will continue to have voting control. The company has about 4,000 employees and an annual revenue of more than $800 million.
The deal means WTMJ-Channel 4 and radio stations AM-620-WTMJ and FM-94.5-WLWK have become part of Scripps.
