8-K
E.W. SCRIPPS Co (SSP)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) March 31, 2021
THE E.W. SCRIPPS COMPANY
(Exact name of registrant as specified in its charter)
| Ohio | 001-10701 | 31-1223339 |
|---|---|---|
| (State or other jurisdiction of<br>incorporation) | (Commission<br>File Number) | (I.R.S. Employer<br>Identification Number) |
| 312 Walnut Street | ||
| --- | --- | --- |
| Cincinnati, | Ohio | 45202 |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: (513) 977-3000
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | | --- | --- || ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | | --- | --- || ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | | --- | --- || ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | | --- | --- |
Securities registered pursuant to Section 12(b) of the Act.
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Class A Common Stock, par value $0.01 per share | SSP | NASDAQ Global Select Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR § 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR § 240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
THE E.W. SCRIPPS COMPANY
INDEX TO CURRENT REPORT ON FORM 8-K
| Item No. | Page | |
|---|---|---|
| 8.01 | Other Events | 3 |
| 9.01 | Financial Statements and Exhibits | 3 |
Item 8.01 Other Events
On March 31, 2021, The E.W. Scripps Company ("Scripps") closed on the sale of Triton to iHeartMedia for $230 million.
Scripps purchased Triton in 2018 for $150 million and the sale completes Scripps’ high-return exit from podcasting and digital audio. Scripps recently completed the sale of its Stitcher podcast business in October 2020.
Scripps intends to use cash from the sale toward debt reduction.
A copy of the press release is attached hereto as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits
| Exhibit<br>Number | Description of Item |
|---|---|
| 99.1 | Press release dated March 31, 2021 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| THE E.W. SCRIPPS COMPANY | |
|---|---|
| BY: | /s/ Daniel W. Perschke |
| Daniel W. Perschke | |
| Vice President, Controller | |
| (Principal Accounting Officer) |
Dated: March 31, 2021
4
Document
Exhibit 99.1
Scripps completes sale of Triton to iHeartMedia
| March 31, 2021 |
|---|
CINCINNATI - The E.W. Scripps Company (NASDAQ: SSP) closed today on its sale of Triton to iHeartMedia (NASDAQ: IHRT) for $230 million.
Triton is the global technology and services leader for the digital audio and podcast industry. Scripps bought the company for $150 million in 2018, and it has been accretive to segment margins since then.
The sale of Triton completes Scripps’ high-return exit from podcasting and digital audio. It sold podcast company Stitcher in October. Scripps nearly doubled its return on investments in both companies, and now it is focused on growth strategies in the television business.
The company intends to use proceeds from the Triton transaction toward debt reduction.
About Scripps
The E.W. Scripps Company (NASDAQ: SSP) is a diversified media company focused on creating a better-informed world. As the nation’s fourth-largest local TV broadcaster, Scripps serves communities with quality, objective local journalism and operates a portfolio of 61 stations in 41 markets. The Scripps Networks reach nearly every American through the national news outlets Court TV and Newsy and popular entertainment brands ION, Bounce, Grit, Laff and Court TV Mystery. Scripps is the nation’s largest holder of broadcast spectrum. Scripps 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.”
Investor contact:
Carolyn Micheli, The E.W. Scripps Company, 513-977-3732, Carolyn.micheli@scripps.com
Media contact:
Kari Wethington, The E.W. Scripps Company, 513-977-3763, Kari.wethington@scripps.com