Here we go again....
E.W. Scripps and Journal Communications announced that the two are merging their broadcast operations. The two will also off and then merge their newspapers, creating two focused and separately traded public companies.
The merged broadcast company will operate under the Scripps name, have about 4,000 employees and continue to be based in Cincinnati.
The newspaper company will be called Journal Media Group.
The deal is expected to close in 2015.
“In one motion, we’re creating an industry-leading local television company and a financially flexible newspaper company with the capacity and vision to help lead the evolution of their respective industries,” said Rich Boehne, chairman, president and CEO of The E.W. Scripps Company, who will continue at the helm of Scripps.
“This transaction will create two solid media businesses that will continue to serve their communities with a commitment to integrity and excellence that has been built over many years,” said Steven J. Smith, chairman and CEO of Journal Communications. “Journal’s radio and television stations will add depth and breadth to the Scripps TV group and additional expertise to its management team.
It doesn't take an expert to figure out that Scripps got the better end of this deal. They get to give up their dying newspapers and pick up more TV and radio stations.