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.
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