Scripps slashes $50 million from pension obligations
E.W. Scripps Co. has made a move to lower its pension costs by $50 million and get some of those obligations off its books.
Scripps (Nasdaq: SSP), the downtown Cincinnati-based TV and digital media company, agreed to buy a group annuity contract from Massachusetts Mutual Life Insurance Co. and transfer about $50 million of Scripps' pension plan obligations to Mass Mutual.
The contract means responsibility for pension benefits for about 2,000 Scripps retirees and beneficiaries wil...