The E.W. Scripps Co. -- parent of cable channels Home & Garden Television, Food Network, Fine Living and Do It Yourself -- said it will deregister about 7 million shares of class-A common stock, the unsold balance of an original 12 million shares covered by a shelf registration statement filed in August.
In a statement, Scripps said the August registration was made to enable its largest shareholder, the Edward W. Scripps Trust, to sell up to 12 million shares owned by the trust.
In the statement, Scripps said the trust sold 5 million shares of class-A common stock Nov. 17, through Morgan Stanley Dean Witter & Co., and asked that the balance of the shares under the shelf registration be withdrawn.
Scripps did not receive any proceeds from the sale of shares by the trust.
The trust now owns approximately 31% of Scripps’ outstanding 126 million class-A common shares and 87.3% of the outstanding 36.7 million common voting shares.
Scripps stock closed at $47.30 apiece Monday, up 47 cents.