The boards of directors of The E.W. Scripps Company (SSP) and Journal Communications (JRN) have set the record dates related to the spin-offs of their respective newspaper businesses and, with respect to Scripps, the payment of a special cash dividend. Both Scripps and Journal shareholders of record as of the close of business on March 25, 2015, will receive shares in Journal Media Group, the independent newspaper company created by the spin-offs, payable upon the closing of the transactions.
The Scripps board also declared a $60 million special cash dividend, which equates to about $1 per share, for shareholders of record of Scripps as of the close of business on March 25, 2015, payable upon the closing of the transactions. The closing date of the transactions is currently scheduled for April 1, 2015.
On the closing date, Scripps and Journal will simultaneously spin off and merge their newspaper operations to form Journal Media Group and immediately thereafter merge their broadcast operations, making Scripps the fifth-largest independent TV station owner. Source