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| Rich Boehne. Via Scripps.com. |
Some Cincinnati charities could get a windfall with E.W. Scripps CEO Rich Boehne’s plan to sell millions of dollars in stock and donate the money to charitable groups.
Boehne has set up a stock trading plan that calls for him to exercise options to buy stock worth about $9 million and sell it. After costs to buy the stock underlying those options, expenses and taxes, Boehne should net about $3 million from the planned transaction. The trading plan is aimed at using the proceeds for charitable giving.
Boehne typically gives to the Scripps Howard Foundation, which strives to help journalists and communities, the Freestore Foodbank and other charitable causes, Scripps spokeswoman Carolyn Micheli said.
Boehne plans to sell up to 466,500 shares that he’ll acquire by exercising options that allow him to buy Scripps stock for $9.09 a share. The stock closed Tuesday at $21.58. Boehne plans to sell the shares between Dec. 21 and Feb. 12. He’ll use the proceeds for tax payments and to give money to charity, Micheli said.
The company granted those options to Boehne in February 2008. They expire Feb. 20, 2016.
In addition to Boehne’s own charitable donations, Cincinnati-based TV and radio station operator Scripps gave $1 million in Boehne’s name to the Scripps Howard Foundation last year, according to Securities and Exchange Commission filings.
“The charitable contribution was made as a tribute to Mr. Boehne’s strong commitment to supporting the communities in which we do business,” the board said in the SEC filing.
By Steve Watkins. This article originally ran on the Cincinnati Business Courier on 11-25-15.
