CINCINNATI, Feb. 10, 2017 /PRNewswire/ -- The E.W. Scripps Company (NYSE: SSP) will not receive proceeds from the Federal Communications Commission's auctioning of broadcast spectrum.
This week, the FCC lifted a quiet period it had imposed on station groups regarding the auction, allowing broadcasters to publicly share their auction results.
"We pursued several channel-share arrangements with ourselves and other broadcast partners that would have allowed us to continue to operate our stations and serve our local communities while supporting the government in its attempt to recapture some broadcaster spectrum," said Brian Lawlor, senior vice president, broadcast, for Scripps. "However, none of the spectrum we or our partners offered was selected during the auction process because the prices available in the auction fell below the value we ascribed to it. Scripps will continue to serve each of our local communities using our full spectrum capacity as allocated by the FCC."
The E.W. Scripps Company (NYSE: SSP) 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 multi-platform satire and humor brand Cracked, podcast industry leader Midroll Media and over-the-top video news service Newsy. 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