CINCINNATI, Nov. 20, 2015 /PRNewswire/ -- The chairman, president and CEO of The E.W. Scripps Company (NYSE: SSP) has adopted a stock trading plan in accordance with the guidelines specified by Rule 10b5-1 under the Securities and Exchange Act of 1934.
Rule 10b5-1 permits corporate officers, directors and others to adopt written, pre-arranged stock trading plans when they are not in possession of material, non-public information. These plans allow insiders to have shares sold for their accounts over a period of time regardless of any material, non-public information they may receive after adopting their plans.
Richard A. Boehne, chairman, president and CEO, has established a plan to sell up to approximately 466,500 shares underlying options, which were granted in February 2008, if certain criteria are met. Sales of shares underlying options may commence on Dec. 21, 2015, and would be completed by Feb. 12, 2016. The sale of Scripps shares under this trading plan is intended to facilitate charitable giving.
In accordance with 10b5-1 rules, Boehne will have no discretion over sales under his plan. Transactions under the plan will be disclosed through Form 144 and Form 4 filings with the Securities and Exchange Commission as required by applicable securities laws.
The E.W. Scripps Company serves audiences and businesses through a growing portfolio of television, radio and digital media brands. Scripps is one of the nation's largest independent TV station owners, with 33 television stations in 24 markets and a reach of nearly one in five U.S. households. It also owns 34 radio stations in eight markets. Scripps also runs an expanding collection of local and national digital journalism and information businesses, including podcast industry leader Midroll Media, over-the-top video news service Newsy and weather app developer WeatherSphere. Scripps also produces television shows including The List and The Now, runs an award-winning investigative reporting newsroom in Washington, D.C., and serves as the long-time steward of the nation's largest, most successful and longest-running educational program, 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."
SOURCE The E.W. Scripps Company