Gamco reduced its stake in E W Scripps Company (SSP)
Key Summary: E.W. Scripps Company ($1.1B market cap) operates in TV, radio, and digital media. Gamco (16.5% stake in 2018) nominated board candidates and advocated for operational improvements but failed to secure board seats at the 2018 AGM. Gamco gradually reduced its stake to 9.05% by 2021, while Scripps acquired ION Media for $2.65B in 2020 to expand its national television network operations.
M. Cap: $1.1 billion | E W Scripps Company is a media enterprise with interests in television and radio broadcasting, as well as local and national digital media brands.
- On August 16, 2017, Gamco announced that "in light of the upcoming deadline to submit director nominations for consideration at the 2018 Annual Meeting of Shareholders," it was currently evaluating all of its options on behalf of its investment advisory clients.
- On October 9, 2017, Gamco (16.14%) stated its intention to move forward with the submission of nominations of up to three individuals for election to the Board. Source
- On February 1, 2018, Gamco (16.5%) stated its intention to nominate two Board candidates and noted that additional nominees might be announced at a later date. Source
- On February 2, 2018, Gamco sent notice to the company of its intent to nominate Ms. Colleen Birdnow Brown and Mr. Vincent L. Sadusky as candidates for election to the Board at the 2018 Annual Meeting of Shareholders.
- On February 5, 2018, Gamco sent notice to the company of its intent to nominate Mr. Raymond H. Cole as an additional candidate for election to the Board at the 2018 Annual Meeting of Shareholders.
- On February 28, 2018, Gamco (16.5%) filed proxy materials nominating three candidates to the Board for election at the 2018 Annual Meeting of Shareholders.
- On March 21, 2018, Gamco (16.5%) filed proxy materials seeking support for its nominees.
- On April 3, 2018, Gamco (16.5%) filed proxy materials seeking support for its nominees.
- On April 13, 2018, Gamco stated its belief that if the company improved its Broadcast Cash Flow (BCF) margins by 600 basis points, bringing it closer to public peers, it could create about $0.5 billion of value at 7x BCF. The improvement could boost the price of SSP shares, accelerate deleveraging, and enhance the currency for potential TV station M&A that could expand the scale of the broadcast operations. Source
- On April 19, 2018, Gamco issued a press release seeking support for its nominees.
- At the AGM held on May 10, 2018, Gamco’s nominees were not elected to the Board.
- On February 19, 2019, Gamco reduced its stake to 14.56%.
- On April 5, 2019, Gamco reduced its stake to 13.53%.
- On July 31, 2019, Gamco reduced its stake to 12.52%.
- On November 18, 2019, Gamco issued a press release commenting on the company’s upcoming 2020 Annual Meeting of Shareholders.
- On June 2, 2020, Gamco reduced its stake to 11.11%.
- On September 23, 2020, The E W Scripps Company entered into an Agreement and Plan of Merger with ION Media Networks. The E W Scripps Company agreed to buy national broadcast network ION Media for $2.65 billion, combining the business with Scripps’ Katz networks and Newsy to create a full-scale national television networks business.
- On November 10, 2020, Gamco reduced its stake to 10.08%.
- On February 10, 2021, Gamco reduced its stake to 9.05%.
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