Summit America Sets Date for Shareholders Meeting for Vote on Sale to Scripps
NAPLES, Fla. & NASHVILLE, Tenn.--(BUSINESS WIRE)--Feb. 27, 2004--Summit America Television, Inc. (Nasdaq:SATH) announced today that it will hold a shareholders' meeting on March 30, 2004, in Naples, Florida. At the meeting, shareholders will be asked to approve the agreement for The E.W. Scripps Company (NYSE: SSP) to acquire Summit America, including Summit's 30 percent minority interest in the Shop At Home television retailing network and Summit's five Shop At Home-affiliated broadcast television stations.
The transaction is structured as a merger and will result in Scripps attaining 100 percent ownership of Shop At Home. It also will result in Scripps controlling and owning Summit's five television stations which broadcast Shop At Home programming in key major metropolitan markets, including San Francisco, Boston, Cleveland, Bridgeport, Conn., and Raleigh/Durham, N.C. The five television stations reach about 5.3 million cable television households.
Scripps acquired a controlling interest (70 percent) of Shop At Home from Summit in October 2002. The network markets a growing range of consumer goods directly to television viewers and visitors to its Web site, shopathometv.com. Shop At Home reaches about 47 million full-time equivalent U.S. households. Its offices and studio facilities are located in Nashville, Tennessee.
The record date for the determination of those shareholders who will be entitled to vote at the meeting has been set as March 1, 2004, and proxy solicitation materials will be mailed to all shareholders in early March.
Summit also announced that it has been advised that the Federal Communications Commission took action on February 27, 2004, to approve the pending application to transfer control of its five television stations to Scripps. Summit and Scripps had earlier received anti-trust clearance from the Federal Trade Commission. Shareholder approval is now the last major requirement to close the merger. The vote in favor of the merger must be by a majority of the approximately 44 million outstanding shares. If its shareholders vote in favor of the sale, Summit anticipates the sale will close in April 2004.
CONTACT: Summit America Television, Inc.