Here’s the latest installment in the media merger mania saga: Journal Communications shares are up 26.6% with E.W. Scripps +10.6% today after the companies unveiled a plan to merge TV operations and spin off their newspapers. The TV company will retain the E.W. Scripps name and be controlled by the Scripps family (which will retain control of the popular Scripps National Spelling Bee).
The company will become the No. 5 independent TV group, reaching 18% of all households with stations in 27 markets including eight political battleground states — Arizona, Colorado, Florida, Michigan, Missouri, Nevada, Ohio and Wisconsin. Scripps will own affiliates for all of the Big Four networks, but will be especially important to ABC with 15 of its affiliates. (more…)