CINCINNATI – The E.W. Scripps Co. will say goodbye to newspapers, including the News Sentinel, and hello to radio in a merger and spinoff transaction with the parent company of the Milwaukee Journal Sentinel newspaper.
The deal calls for Milwaukee-based Journal Communications Inc. to merge its 13 television stations and 35 radio stations into Cincinnati-based Scripps. Both companies will spin off their newspaper assets into a new publicly traded company, Journal Media Group. — More.
Here’s a post at Romenesko, a site popular among journalists. Seen in comments: “‘Everyone wins” says Journal Communications CEO Steve Smith.
So when do the layoffs start?” And, “But some, including Smith, will win more than others — lots more.”
There’s also more at Poynter, another popular journalism site.
NYT: “Among the benefits of the deal is that both companies would be free to pursue growth through acquisitions, unimpeded by media cross-ownership rules. For instance, Scripps could potentially buy television stations in Florida, since it would not have any newspaper holdings that would limit what it could acquire.”
Everyone wins? Not the people of East TN or my former colleagues at the KNS.
UPDATE: Former colleague Jigsha Desai has more.
UPDATE II: Smith naturally put a positive spin on it, telling the JS that “Everybody Wins.” It’s a cinch that’s not true. So who loses and who gains and what does it all mean? — More.
UPDATE III: My sources confirm this report from a Milwaukee tipster: The story broke earlier than planned on the Milwaukee Journal Sentinel’s website because the Wall Street Journal got wind of the deal. The news was scheduled to break Thursday morning in the Journal Sentinel. After the paper learned the WSJ had the story, JS reporter Bill Glauber was sent to the 5th and 6th floor – away from the newsroom – to do the reporting late Wednesday. — More.
UPDATE IV: These sales have, broadly speaking, been about putting the print properties on an ice floe to fend for themselves. — More.