The E.W. Scripps Co. announced a comprehensive restructuring today that will include selling off its 34 radio stations. The company said it will create “a stronger, more streamlined and higher-performing company through comprehensive restructuring and cost reductions expected to yield more than $30 million in annual cost savings.”
The company began the process with a $2.4 million restructuring charge during the third quarter of 2017. Scripps said it will take a restructuring charge of $2 million in the fourth quarter, with an estimated $4 million charge coming in the first quarter and smaller quarterly charges into 2019.
“Today, Scripps is a dynamic leader in the media industry through its strong local TV station portfolio, its growing multicast network, its national news network and its podcasting business,” Scripps President and CEO Adam Symson said. “The enterprise-wide restructuring positions us well for continued growth while maintaining high-quality journalism as our central focus.”
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