By: E&P Staff
E.W. Scripps Co.’s split of its interactive and cable businesses from newspapers, broadcasting, and syndicate operations will be tax-free, the Cincinnati-based company announced Wednesday.
Scripps said the Internal Revenue Service confirmed the tax-free status in a letter.
Scripps intends to finalize the split in June, the company said. The deal will take the form of a pro-rata distribution of stock to Scripps shareholders in the new company created by the split, Scripps Networks Interactive Inc.
The E. W. Scripps Company will continue to operate local newspapers, broadcast television stations, and licensing and syndication businesses.