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Scripps Announces Sale of United Media's Licensing Business for $175 Million
Date:4/27/2010

Velvet, Fieldcrest, Charisma, Starter, and Waverly. Iconix Brand Group, through its joint ventures, also owns Artful Dodger, Ed Hardy, Ecko, and Zoo York brands. It licenses its brands directly to retailers, wholesalers, and suppliers for use across a range of product categories.

"We're putting our characters in good hands at Iconix," said Rich Boehne, president and chief executive officer of The E.W. Scripps Company. "The Peanuts characters have been our entertaining co-workers and the Schulz family has been our trusted partner for nearly 60 years. But this is the right move for all involved as we go our separate ways in recognition of changing times and new strategies. Parting with our licensing operations was a difficult decision, but it allows Scripps to advance our focus on being an innovative leader in the rapidly evolving news industry."

Scripps provided no immediate indication of how it would deploy the after-tax proceeds from the sale. The company had $10.4 million of bank debt on its balance sheet as of March 31, 2010.  

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.

About Scripps

The E.W. Scripps Company is a diverse, 131-year-old media enterprise with interests in television stations, newspapers, and local news and information Web sites. 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; the
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SOURCE The E.W. Scripps Company
Copyright©2010 PR Newswire.
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