Scripps and Journal simultaneously spun off and merged their newspaper operations to form Journal Media Group and immediately thereafter merged their broadcast operations, making Scripps one of the nation’s largest independent TV station owners.
Both Scripps and Journal shareholders of record as of the close of business on March 25 will receive shares in Journal Media Group, the independent newspaper company created by the spin-offs, payable upon the closing of the transactions. On the expected closing date of April 1, Scripps and Journal will simultaneously spin off and merge their newspaper operations to form Journal Media Group and immediately thereafter merge their broadcast operations, making Scripps the fifth-largest independent TV station owner.
Retransmission consent money was the big driver, climbing 66% in the fourth quarter and 78% for full-year 2014.
Upon closing of the transactions, Scripps and Journal will merge their broadcast operations, creating an expanded Scripps, while simultaneously spinning off and merging their newspaper operations to form a new publicly traded company called Journal Media Group.
By mid-April, the Milwaukee Journal Sentinel likely will be part of a new Milwaukee-based newspaper company — and Milwaukee broadcast icons WTMJ-AM-TV likely will be run from a headquarters in Cincinnati. That is the timetable expected to be set in motion assuming shareholders from Journal Communications and E.W. Scripps approve a merger of the two companies’ broadcast units and a spinoff of the newspaper group. If that happens, both companies will hold special meetings scheduled for March 11 in Milwaukee for Journal shareholders and in Cincinnati for Scripps shareholders.
The two companies are merging their broadcast operations under the E.W. Scripps Co. name while spinning off their newspaper interests into a new company, Jounal Media Group.
Retransmission consent money was the big driver, climbing 82% to $9.6 million and boosting TV revenue to $47.9 million.
Retransmission consent money was the big driver, climbing 80.7% to $9.8 million.
That’s how Rich Boehne, Scripps president-CEO, described the agreement that will combine the two companies’ broadcast operations and spin off the newspapers, creating two companies. Investors and analysts were bullish too, with both companies’ stock up by double digits today. With the deal, Scripps becomes the fifth largest independent station group in terms of reach, covering 22 million U.S. television households — roughly 18 % — with 34 stations in 24 markets, including 14 in top 50 DMAs.
The merged broadcast and digital media company, based in Cincinnati, will retain The E.W. Scripps Co. name. Both companies’ newspapers will be spun off into a new company to be called Journal Media Group, which will be headquartered in Milwaukee. The new Scripps will operate 34 TV stations reaching 18% of TV homes and 35 radio stations in eight markets. Current Scripps shareholders will end up with majority stakes in both companies. More on this story after the companies’ conference call with reporters at 9 a.m. ET.
Retransmission consent money was the big driver, climbing 85.6% to $9.8 million.
But excluding political and Olympics revenue, same-station core revenue increased 11% in the quarter. Same-station local was up 2%, while same-station national grew 0.7%. 4Q Retrans grew from $2.9 million to $5.9 million.
Journal Communications on Tuesday named Jason Graham senior vice president of finance and controller, effective immediately, and chief financial officer, effective upon the filing of Journal’s 2013 Form 10-K. Graham will report to Steven J. Smith, Chairman and CEO of Journal Communications. Graham has been Journal Communications’ VP-controller since June 2012. He was formerly VP-corporate […]
Excluding political and Olympics revenue, same-station core revenue increased 5% in the quarler. Same-station local was up 2%, while same-station national grew 0.7%.
KMIR-KPSE-LP is a NBC-MNT combo. Known as a spectrum speculator, buyer OTA Broadcasting says it looks foward to serving the market. The price was not disclosed.
A new, long-term retransmission consent agreement restores five Journal stations to Time Warner Cable subscribers in four markets — Milwaukee, Green Bay, Omaha and Palm Springs.Financial terms were not disclosed, but the stations retain their original channel positions and TV Everywhere rights.
A blackout of Journal Broadcast Group’s WTMJ Milwaukee on Time Warner Cable systems has dragged on for 55 days and has become a line in the sand in the national battle between broadcasters and pay-TV services over fees, programming and viewers.
Darkness continues for stations owned by Journal Communications on Time Warner Cable systems. Since July 25, affiliates in Milwaukee, Omaha and Green Bay have been off the air in homes served by the cable operator as a retransmission consent payment dispute ensues.
Increases in local revenue, especially auto, help offset declines in national, especially media and restaurants.
This dispute doesn’t have the titan-vs.-titan glamour of Time Warner Cable’s fight with CBS — where negotiators gave themselves until Monday to agree on retransmission consent terms. But it’s important to a little more than 500,000 Time Warner Cable customers who today find themselves without Journal Communications’ NBC programming in Milwaukee; Green Bay, Wis.; and Palm Springs, Calif.; and CBS in Omaha, Neb.
Debbie Turner, president-GM of the company’s CBS affiliate WTVF Nashville, gets her VP stripe at the company’s annual meeting.
Increases in local revenue, especially auto, national and retrans are the main drivers of the boost.
That influx is helped by higher national ad money and increased retans consent revenue.
The return of advertisers that have been crowded out by the frenzy of political spots is expected to deliver a boost in late November and into December.
Political and Olympics ads drive the gain, with core local revenue down 3% and core national up 18% thanks to automotive and media advertising.
Journal Communications Inc. said it has acquired the super-voting shares of the Harry Grant family for $6.25 million in cash and $25.6 million in debt. Grant was the company’s president when it launched an employee-ownership plan in 1937.
Andre Fernandez, president-CFO, said he is looking for M&A opportunities, with a bias toward television, particularly mid-size markets, while not ruling out additional radio acquisitions to fill out existing clusters.
Even excluding political, the increase from last year at this time is 7.1%, driven by automotive and supermarket ads.
The gains included an 18% rise in core national advertising and a 28% boost in retrans revenue.
The rebound is driven by a double-digit rise in automotive advertising.
He succeeds Steven J. Smith as president and retains his CFO title; Smith remains chairman-CEO.
But excluding political and issue ads, its core revenue was up 2.2%. Local rose from increases in retail, restaurants and automotive.
Excluding political and issue ad money from the year-ago period, that number changes to a 1.3% increase. Local ad revenue is up, while national suffers from a drop in auto spending.
During its earnings conference call today, executives of the publisher-broadcaster say if conditions were right, they’d like to add TV in markets where they already have radio properties.
Political-issue ads and a rebounding auto market helped boost revenue from its television stations to $37.4 million.