U.S. media company E.W. Scripps Co. has signed a definitive agreement to merge with Milwaukee-based Journal Communications Inc. and then plans to spin off the two companies' newspaper businesses into a separate company. The remaining company will be a pure play TV and radio broadcasting company with 35 TV stations and 35 radio stations, which we view as improving its long-term business fundamentals. We are placing all of our ratings, including the 'BB-' corporate credit rating, on E.W. Scripps on CreditWatch with positive implications, reflecting the improved business risk profile of the larger company. On July 31, 2014, Standard&Poor's Ratings Services placed all its ratings on Cincinnati-based TV broadcaster and newspaper publisher E.W. Scripps Co. on CreditWatch with
