Subsequent Events (Notes)

6 Months Ended

Jun. 30, 2014

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

On July 30, 2014, Scripps and Journal Communications ("Journal"), Inc. agreed to merge their broadcast operations and spin off their newspaper businesses into a separate publicly traded company (the “Transaction”).

The merged broadcast and digital media company, based in Cincinnati, will retain The E.W. Scripps Company name and continue to be controlled by the Scripps family. The company’s television operations will reach approximately 18% of all U.S. households and have approximately 4,000 employees across its television, radio and digital media operations.

The newspaper company will be named Journal Media Group, combining the 13 Scripps newspapers with Journal's Milwaukee Journal Sentinel. The company will have approximately 3,600 employees and will be headquartered in Milwaukee.

The board of directors of both companies have approved the Transaction, which is subject to customary regulatory and shareholder approvals. As part of the Transaction, Scripps shareholders will receive a $60 million special cash dividend. Based on the terms of the merger agreement, we are precluded from repurchasing shares prior to closing the transaction. The Transaction is expected to close in 2015.