Scripps shareholders OK reverse stock split

Associated Press

Published July 15, 2008 at 11:17 a.m.
Updated July 15, 2008 at 11:17 a.m.

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CINCINNATI — Newspaper publisher E.W. Scripps Co., owner of the Rocky Mountain News, said today that its shareholders have authorized a 1-for-3 reverse stock split of its common shares.

The company has roughly 163.2 million shares outstanding, which will decline to about 54 million shares outstanding starting Wednesday.

A reverse stock split reduces the number of outstanding shares and increases the per-share price proportionately.

The board approved the reverse share split in early May as part of a plan to separate the media company into two public companies.

The split does not affect shares of Scripps Networks Interactive, which were distributed to Scripps shareholders as a tax-free dividend July 1. Scripps Networks includes the company’s former cable networks and online comparison-shopping Web sites.

Shares of E.W. Scripps were down 8 cents to $3.31 in midday trading.

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