- As part of an additional proxy filing, E.W. Scripps (SSP -0.8%) CEO Adam Symson included a communication to certain employees in response to a competing board slate from GAMCO.
- Against the backdrop of strategic changes, "one of our largest shareholders has nominated three people to run for our board of directors in competition with our three candidates," he writes.
- Mario Gabelli's GAMCO had nominated Vincent Sadusky and Colleen Birdnow Brown, and added a nomination of former Citadel Communications COO Raymond Cole.
- "Board candidate challenges are not uncommon in today’s business world, but usually they come with a consistent rationale from the nominating shareholder about what the company could be doing better," Symson writes. "This shareholder has not articulated a compelling alternative strategy for the company.
- "We believe we are making the right decisions for the future of our company," he adds, pointing to improving short-term performance in Local Media (via cost-cutting and service centralization), extending brands onto emerging platforms, exploring the acquisition of value-adding TV stations, and seeking a new owner for its 34 radio stations.
- Shares are down 22% YTD and down 46.1% over the past 12 months.
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Original article