E.W. Scripps Co. and Journal Communications Inc. agreed to merge, combine their broadcasting operations and spin off their newspaper businesses in a new, publicly held company.

Shareholders of Journal Communications will receive 0.5176 share in Scripps for each Journal share owned, according to a statement yesterday. They also will get 0.195 share of Journal Media Group, the new newspaper business, for each Journal share held. The companies have a combined market value of about $1.56 billion today.

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