Scripps is celebrating by sending $60M to investors in the form of a dividend amounting to about $1 per share. It will go to shareholders of Scripps stock as of 3/25/15 and will be payable on closing day.
Shareholders of Scripps and Journal will also get a stake in the spin-off spawned by the merger, Journal Media Group, which will house the newspapers each company contributed to the dowry.
The resulting television group will be the #5 independent operating company. It will also operate the radio stations coming from Journal.
Scripps noted that any person who sells shares of Journal prior to 3/25 will not participate in the distribution of the newspaper company stock; and Scripps shareholders who sell prior to 3/25 will be missing out on both the newspaper shares and the dividend.
Here’s the breakdown as to how current shares will be handled going into the merger:
Journal Communications’ class A and class B shareholders will receive 0.5176 Scripps class A common shares and 0.1950 shares in Journal Media Group for each Journal Communications share.
Scripps shareholders will receive 0.2500 shares in Journal Media Group for each Scripps class A common share and each Scripps common voting share.
No fractional shares will be issued. Shareholders will receive cash in lieu of fractional shares.