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

THE E.W. SCRIPPS COMPANY

(SSP)
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E.W. Scripps scales up with $2.65 billion Berkshire-backed deal for ION Media

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09/24/2020 | 10:17am EDT

E.W. Scripps Co said on Thursday it has agreed to buy broadcaster ION Media for $2.65 billion (2.08 billion pounds) as the TV station owner, backed by Warren Buffett's Berkshire Hathaway Inc, scales up operations to counter a rise in online streaming.

Shares of Scripps jumped nearly 23%, with analysts saying that bringing Berkshire into the deal is being seen as the "best seal of approval" in the equity market.

Berkshire will make a $600 million preferred equity investment in Scripps to finance the deal and will receive a warrant to buy up to 23.1 million shares of Scripps.

"We expect investor interest in SSP to accelerate on the back of this deal," Wells Fargo Securities analyst Steven Cahall said.

The U.S. broadcast media sector has seen a flurry of mergers in recent years as advertising dollars shift to internet and as a growing number of young viewers cancel cable subscriptions in favor of watching content online.

As part of the deal, Scripps said its units Katz networks and Newsy will combine with ION Media to create a national television networks business.

This combination will help Katz, which currently pays fees to other broadcasters for distribution, to save on carriage fee, with an estimated cost synergy of up to $120 million a year, the TV station owner said.

ION Media has the fifth-largest average primetime audience among all U.S. cable-carried networks and reaches more than 100 million homes through over-the-air and pay TV platforms.

Methuselah Advisors and Morgan Stanley & Co acted as financial advisers to Scripps on the deal, while BakerHostetler and Brooks Pierce served as its legal co-counsel.

By Munsif Vengattil


Stocks mentioned in the article
ChangeLast1st jan.
BERKSHIRE HATHAWAY INC. 0.63% 317180 Delayed Quote.-6.60%
MORGAN STANLEY 2.76% 51.77 Delayed Quote.1.27%
SSP GROUP PLC 3.91% 188.5 Delayed Quote.-71.00%
THE E.W. SCRIPPS COMPANY 1.25% 10.54 Delayed Quote.-32.91%
WELLS FARGO & COMPANY 2.42% 23.25 Delayed Quote.-56.78%
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All news about THE E.W. SCRIPPS COMPANY
11:36aE.W. SCRIPPS CO : Completion of Acquisition or Disposition of Assets, Financial ..
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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)
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10/15E W SCRIPPS : Scripps taps Knutson, Tomlin for new leadership roles
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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..
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10/13E W SCRIPPS : Scripps national campaign will distribute 165,000 books to kids ac..
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10/11E W SCRIPPS : Scripps wins six National Murrow Awards
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10/08E W SCRIPPS : Scripps station expands news operations
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Financials (USD)
Sales 2020 1 807 M - -
Net income 2020 107 M - -
Net Debt 2020 - - -
P/E ratio 2020 9,13x
Yield 2020 1,90%
Capitalization 859 M 859 M -
Capi. / Sales 2020 0,48x
Capi. / Sales 2021 0,46x
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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Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 6
Average target price 14,50 $
Last Close Price 10,54 $
Spread / Highest target 80,3%
Spread / Average Target 37,6%
Spread / Lowest Target 4,36%
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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