E.W. Scripps started laying off employees, as a result of the ION Media acquisition

/ / News

Shares of E.W. Scripps Co. fell 0.7% in midday trading Thursday, after the media company said it has starting laying off 120 employees this week, as part of cost-saving moves related to its acquisition of ION Media. The TV station owner had about 5,900 full-time employees at the end of 2019, according to the most recently available annual report. said it now expects to exceed its initial estimates of $500 million in synergies over the next six years as a result of the ION deal. The company had announced in September 2020 that it was buying ION, in a deal backed by Warren Buffett’s Berkshire Hathaway Inc. , for $2.65 billion. E.W. Scripps stock has run up 40.5% over the past three months, while the S&P 500 has gained 9.4%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.