CINCINNATI, June 3 /PRNewswire-FirstCall/ -- The E.W. Scripps
Company (NYSE: SSP) has completed the sale of its character
licensing business to Iconix Brand Group, Inc. (Nasdaq: ICON) for
$175 million in cash. The sale price
is subject to a post-closing adjustment for working capital.
United Media Licensing works with more than 1,250 licensees in
approximately 40 countries. The majority of licensing revenue is
generated by products associated with the characters of the Peanuts
comic strip, which Scripps brought to market in 1950.
Scripps still owns United Media's syndication operation and will
continue to syndicate comic strips and editorial features that are
developed and marketed worldwide through United Feature Syndicate
and Newspaper Enterprise Association.
A range of options is being considered for the after-tax
proceeds from the sale. Making voluntary, tax-advantaged
contributions to the company's defined benefit pension plans is
among the top priorities.
About Scripps
The E.W. Scripps Company is a diverse, 131-year-old media
enterprise with interests in television stations, newspapers, local
news and information Web sites, and content syndication. 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
Media Center, home of the Scripps Howard News Service; and United
Media, the syndicator of approximately 150 features and comics. For
a full listing of Scripps media companies and their associated Web
sites, visit http://www.scripps.com/.
SOURCE The E.W. Scripps Company