Scripps declares first-quarter 2020 dividend and authorizes new share repurchase program

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Feb 26, 2020, 09:00 ET

CINCINNATI, Feb. 26, 2020 /PRNewswire/ -- The board of directors of The E.W. Scripps Company (NASDAQ: SSP) has declared a cash dividend for the first quarter of 2020 and authorized a new share repurchase program up to $100 million of the company's Class A common shares.

First-quarter dividend
Scripps shareholders of record as of March 16, 2020, will receive 5 cents per share, payable on March 25, 2020. The dividend will be paid out of the company's surplus.

The company intends to pay regular quarterly cash dividends for the foreseeable future. All subsequent dividends will be reviewed quarterly and declared by the board at its discretion. The declaration and payment of future dividends will be dependent upon, among other things, the company's financial position, results of operations, cash flow and other factors.

Share repurchase program
Scripps shares may be repurchased from time to time at management's discretion, either in the open market, through pre-arranged trading plans or in privately negotiated block transactions. This authorization runs through March 1, 2022.

The last repurchase program, which the board of directors initially authorized in November 2016 and extended in June 2018, expires March 1, 2020.

Forward-looking statements
This document contains certain forward-looking statements related to the company's businesses that are based on management's current expectations. Forward-looking statements are subject to certain risks, trends and uncertainties, including changes in advertising demand and other economic conditions that could cause actual results to differ materially from the expectations expressed in forward-looking statements. Such forward-looking statements are made as of the date of this document and should be evaluated with the understanding of their inherent uncertainty. A detailed discussion of principal risks and uncertainties that may cause actual results and events to differ materially from such forward-looking statements is included in the company's Form 10-K on file with the SEC in the section titled "Risk Factors." The company undertakes no obligation to publicly update any forward-looking statements to reflect events or circumstances after the date the statement is made.

About Scripps
The E.W. Scripps Company (NASDAQ: SSP) advances understanding of the world through journalism. As the nation's fourth-largest independent TV station owner, Scripps operates 60 television stations in 42 markets. Scripps empowers the next generation of news consumers with its multiplatform news network Newsy and reaches growing audiences through broadcast networks including Bounce and Court TV. Shaping the future of storytelling through digital audio, Scripps owns top podcast company Stitcher and Triton, the global leader in technology and measurement services. Scripps runs an award-winning investigative reporting newsroom in Washington, D.C., and is the longtime steward of the Scripps National Spelling Bee. Founded in 1878, Scripps has held for decades to the motto, "Give light and the people will find their own way."

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