E.W. Scripps & Co. said Thursday that its Form-10 registration statement filed with the Securities and Exchange Commission related to its plan to split into two separate companies has been approved by the agency, allowing it to trade on a “when-issued” basis on the New York Stock Exchange.
Scripps announced in October its plans to separate into Scripps Networks Interactive, housing its cable channels Food Network, HGTV, DIY, Great American Country and Fine Living, and E.W. Scripps, including its newspaper and television station operations. On June 12, Scripps Networks interactive began trading when-issued on the NYSE under the symbol “SNIWI” and E.W. Scripps began trading under the symbol “SSPWI.” The E.W. Scripps Co. will continue to trade “regular way” on the NYSE under the symbol “SSP,” during that period, the company said in a statement.
When the deal is completed, expected on July 1, the stocks will trade under the symbols “SNI” and “SSP,” respectively.
In early when-issued trading June 12, Scripps Network was priced at $42.69 per share, while when-issued shares of E.W. Scripps were priced at $3.61 each. “Regular” Scripps shares were trading at $46.18 each (up 31 cents) in early trading June 12.
Whether the when-issued price of the stocks will determine their ultimate value remains to be seen. Time Warner Cable traded around $40 per share on the when-issued market before it went public on March 1, 2007. The stock is trading in the $29 per share range currently.
Viacom, which split intoCBS and Viacom in 2006, traded as high as $45 per share when issued, with CBS trading between $25 and $30 per share. Viacom shares now trade in the $33 range while CBS trades in the $20 range.