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MarketScreener Homepage  >  Equities  >  Nasdaq  >  The E.W. Scripps Company    SSP

THE E.W. SCRIPPS COMPANY

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E.W. Scripps's Shares Jump 13% on Berkshire-Backed ION Media Deal

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09/24/2020 | 03:52pm EDT

By Kimberly Chin

 

E.W. Scripps Co.'s shares climbed 13% on Thursday to $11.83 after the company agreed to buy ION Media for $2.65 billion with the backing of Berkshire Hathaway Inc.

Warren Buffett's Berkshire intends to make a $600 million preferred-equity investment in Scripps to help finance the deal, The Wall Street Journal reported and the company later confirmed. Berkshire will also get a warrant to purchase as many as 23.1 million Class A Scripps shares at $13 apiece. Shares of Scripps closed at $10.47 on Wednesday.

The move would help expand the television station owner's reach. Scripps operates 60 local television stations and has networks including Court TV, Bounce and the multiplatform news provider Newsy. The deal would roughly double the company's TV station footprint and supercharge distribution of its programming.

ION Media is owned by credit investment firm Black Diamond Capital Management and operates a national TV network with a lineup including crime shows such as "Law and Order" and "NCIS: Los Angeles." ION Media owns television stations in 62 markets and, along with affiliates, reaches nearly every U.S. home.

 

Write to Kimberly Chin at kimberly.chin@wsj.com

 


Stocks mentioned in the article
ChangeLast1st jan.
BERKSHIRE HATHAWAY INC. -2.83% 301740 Delayed Quote.-11.15%
BLACK DIAMOND GROUP LIMITED 1.19% 1.7 Delayed Quote.-20.93%
THE E.W. SCRIPPS COMPANY -5.18% 9.34 Delayed Quote.-40.55%
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All news about THE E.W. SCRIPPS COMPANY
10/22E.W. SCRIPPS CO : Completion of Acquisition or Disposition of Assets, Financial ..
AQ
10/16E.W. SCRIPPS CO : Change in Directors or Principal Officers, Financial Statement..
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10/16E.W. SCRIPPS CO : Other Events, Financial Statements and Exhibits (form 8-K)
AQ
10/15E W SCRIPPS : Scripps taps Knutson, Tomlin for new leadership roles
PR
10/13E W SCRIPPS : Scripps to report third-quarter 2020 operating results on Nov. 6
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10/13E W SCRIPPS : Newsy continues linear TV expansion, adding full slate of news pro..
PR
10/13E W SCRIPPS : Scripps national campaign will distribute 165,000 books to kids ac..
PR
10/11E W SCRIPPS : Scripps wins six National Murrow Awards
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10/08E W SCRIPPS : Scripps station expands news operations
PR
10/01E W SCRIPPS : Greenleaf Comes to Bounce October 4, Everybody Hates Chris Debuts ..
PR
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Financials (USD)
Sales 2020 1 807 M - -
Net income 2020 107 M - -
Net Debt 2020 - - -
P/E ratio 2020 8,09x
Yield 2020 2,14%
Capitalization 762 M 762 M -
Capi. / Sales 2020 0,42x
Capi. / Sales 2021 0,41x
Nbr of Employees 5 900
Free-Float 68,7%
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Technical analysis trends THE E.W. SCRIPPS COMPANY
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TrendsBearishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 6
Average target price 14,50 $
Last Close Price 9,34 $
Spread / Highest target 103%
Spread / Average Target 55,2%
Spread / Lowest Target 17,8%
EPS Revisions
Managers
NameTitle
Adam P. Symson President, Chief Executive Officer & Director
Richard A. Boehne Chairman
Lisa Ann Knutson Chief Financial Officer & Executive Vice President
Robert A. Carson Chief Information Officer & Vice President
Bryan Dunbar Chief Technology Officer & Vice President
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