|Scripps Officers Adopt 10b5-1 Trading Plans|
CINCINNATI, Dec. 21, 2011 /PRNewswire via COMTEX/ --Earlier this month, certain officers of The E.W. Scripps Company (NYSE: SSP) adopted stock trading plans 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.
The officers filing trading plans are part of a larger group of company executives who will be receiving Scripps Class A shares in 2012 upon the vesting of restricted share awards and restricted stock unit awards granted in prior years. The sale of Scripps shares under these trading plans is intended to help diversify the officers' personal investment holdings and fund the payment of tax liabilities created by the vesting of the awards.
Bill Appleton, senior vice president and general counsel, has filed a plan to sell up to approximately 76,000 shares if certain criteria are met. Sales may commence in December 2011 and would be completed by November 2012.
Lisa A. Knutson, chief administrative office for Scripps, has filed a plan to sell up to approximately 134,206 shares if certain criteria are met. Sales may commence in March 2012 and would be completed by May 2012.
Brian G. Lawlor, senior vice president, television, has filed a plan to sell up to approximately 44,000 shares if certain criteria are met. Sales may commence in April 2012 and would be completed by October 2012.
Douglas F. Lyons, vice president and controller of the company, has filed a plan to sell up to approximately 38,000 shares and 12,205 stock options if certain criteria are met. Sales may commence in December 2011 and would be completed by August 2012.
Timothy E. Stautberg, senior vice president, newspapers, has filed a plan to sell up to approximately 61,804 shares if certain criteria are met. Sales under the plan may commence in February 2012 and would be completed by September 2012.
In accordance with 10b5-1 rules, the executives listed above will have no discretion over sales under their respective plans. All transactions under the plans will be disclosed through Form 144 and Form 4 filings with the Securities and Exchange Commission as required by applicable securities laws.
Scripps is a diverse media enterprise with interests in television stations and newspapers that are passionate about the company's long-time vision statement: "Give light and the people will find their own way." The company's portfolio of locally focused media properties includes: 10 TV stations (six ABC affiliates, three NBC affiliates and one independent); daily and community newspapers in 13 markets; and the Washington, D.C.-based Scripps Howard News Service. For a full listing of Scripps media companies and their associated Web sites, visit http://www.scripps.com/.
SOURCE The E.W. Scripps Company