Shareholders approved a deal Wednesday that would (among other things) change the ownership of The Commercial Appeal, according to a statement from the E.W. Scripps Co.
In separate meetings Wednesday, shareholders of Scripps, which owns the Memphis daily newspaper, and Journal Communications approved the deal that will merge the companies’ broadcast operations and spin-off and merge their newspaper operations.
The transactions are expected to close in the second quarter of 2015. Scripps shareholders will receive a $60 million special dividend.
The merged broadcast and digital media company will retain The E.W. Scripps Co. name, and the Scripps family shareholders will continue to have voting control. The company will have about 4,000 employees across its television, radio, and digital media operations.
Journal Media Group will combine Scripps’ daily newspapers (including the Appeal), community publications, and related digital products with Journal Communications’ Milwaukee Journal Sentinel, Wisconsin community publications, and affiliated digital products.
The company, with approximately 3,600 employees, will operate in 14 markets. It will be headquartered in Milwaukee and will be publicly traded.
