E. W. Scripps Company Class A (SSP) has released an update.
The E.W. Scripps Company issued 6,000 Series A preferred shares at $100,000 each on January 7, 2021, with an 8% annual dividend, increasing to 9% if not paid in cash. These shares are perpetual, redeemable by the company after five years or by holders during a Change of Control at 105% of face value plus dividends. Despite ample liquidity, the company chose to skip the first quarter 2024 dividend to focus on reducing debt and improving financial flexibility.
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