CINCINNATI, Aug. 24, 2018 /PRNewswire/ -- The E.W. Scripps
Company (NASDAQ: SSP) has entered into an accelerated share repurchase agreement to repurchase $25
million of its Class A common shares, allowing the company to reduce its outstanding share count.
The accelerated plan falls under Scripps' previously announced $100 million share repurchase
authorization granted by the board of directors in November 2016.
"This accelerated repurchase plan reflects Scripps' disciplined approach to considering how best to allocate capital –
balancing business investment, acquisitions and return of capital," said Lisa Knutson, Scripps
executive vice president and chief financial officer. "We hope investors will appreciate the combination of income, share
repurchases and long-term growth in our underlying cash flows."
Under the accelerated repurchase agreement with JPMorgan Chase Bank, National Association, Scripps is paying $25 million to JPMorgan and receiving an initial delivery of approximately 1.4 million shares, which is about
80 percent of the total shares of the company's common stock expected to be repurchased under the agreement. The final share
amount will be determined based on the average of the daily volume-weighted average prices of Scripps' Class A stock over the
period of the agreement.
Scripps expects the accelerated share repurchase agreement to be completed no later than the first quarter of 2019. At
settlement, Scripps may be entitled to receive additional shares of common stock from JPMorgan or, under certain circumstances,
may be required to issue additional shares or make a cash payment to JPMorgan at Scripps' option.
About Scripps
The E.W. Scripps Company (NASDAQ: SSP) serves audiences and
businesses through a growing portfolio of local and national media brands. With 33 television stations, Scripps is one of the
nation's largest independent TV station owners. Scripps runs a collection of national journalism and content businesses,
including Newsy, the next-generation national news network;
podcast industry leader Midroll Media; and fast-growing
national broadcast networks Bounce, Grit, Escape and Laff. Scripps produces original
programming including "Pickler & Ben," runs an
award-winning investigative reporting newsroom in Washington, D.C., and is the longtime steward
of the Scripps National Spelling Bee. Founded in 1878,
Scripps has held for decades to the motto, "Give light and the people will find their own way."
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SOURCE The E.W. Scripps Company