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GBL

GAMCO Investors

$25.88

-0.02 (-0.08%)

, SSP

E.W. Scripps

$11.88

0.28 (2.41%)

14:59
04/19/18
04/19
14:59
04/19/18
14:59

GAMCO solicits votes for E.W. Scripps board nominees

GAMCO Asset Management, an affiliate of GAMCO Investors (GBL), has made a definitive filing with the Securities and Exchange Commission of a proxy statement and an accompanying BLUE proxy card to be used to solicit votes for the election of Colleen Birdnow Brown, Raymond H. Cole and Mr. Vincent L. Sadusky, to the board of The E.W. Scripps Company (SSP) at the company's 2018 annual meeting of shareholders. The annual meeting is scheduled to be held on May 10, 2018, in Cincinnati, Ohio. "GAMCO is trying to help management increase intrinsic value. We believe Scripps should engage three proven individuals with hands on knowledge of operations in the broadcast ecosystem," GAMCO said. "The total cost for adding these three individuals to the Board is less than 1/6th of the outlays that management is spending to preclude this help and we estimate a fraction of engaging outside consultants. The Company disclosed in its 2018 proxy statement that the total compensation earned (cash & stock awards) in 2017 by the three non-employee directors elected by Scripps' Class A shareholders at last year's annual meeting was $485,642. In addition, the Company disclosed in its 2018 proxy statement that it expects aggregate expenses related to the proxy contest to be approximately $3,000,000. GAMCO believes that if Scripps 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 Company's currency for potential TV station M&A that could expand the scale of Scripps' broadcast operations."

GBL

GAMCO Investors

$25.88

-0.02 (-0.08%)

SSP

E.W. Scripps

$11.88

0.28 (2.41%)

  • 07

    May

GBL GAMCO Investors
$25.88

-0.02 (-0.08%)

SSP E.W. Scripps
$11.88

0.28 (2.41%)

01/11/18
BNCH
01/11/18
NO CHANGE
BNCH
Strong political environment for broadcasters may be overlooked, says Benchmark
Benchmark analyst Daniel Kurnos said he thinks the particularly strong political environment for broadcasters in 2018 may be being overlooked. Kantar Media/CMAG predicts a 14% increase in 2018 political spending versus 2014 levels, which is ahead of the 8-12% increase most common during comparable political cycles, the analyst noted. Nexstar (NXST) has the greatest overall political exposure among broadcasters in contested states, said Kurnos, who forecasts Nexstar and Meredith (MDP) can grow political revenue 7% and 15%, respectively, compared to 2014. Among the other broadcasters he covers - Gray (GTN), TEGNA (TGNA) and E.W. Scripps (SSP) - Kurnos models flat political revenue vs. 2014 but said this may be "a highly conservative initial outlook."

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