The distribution of the trust’s assets, however, will not occur immediately, pending customary legal proceedings.
In 2011, the Trustees of the Trust filed a Petition for Instructions and Declaratory Relief with an Ohio Probate Court that seeks (i) to prepare for the administration of the Trust following its eventual termination, (ii) to determine the identities of named beneficiaries and the identities of others who may be entitled to distributions from the Trust, (iii) to authorize, subject to clause (iv) below, the Trustees to continue the investment and management of the Trust's assets during the period between Trust termination and final distribution of assets ("winding-up period"), (iv) to authorize the Trustees to vote the Common Voting Shares of the Company during the winding-up period in accordance with the procedures set forth in the Scripps Family Agreement and (v) to confirm the Trustees' views on a number of other issues. The Petition was filed under seal in accordance with Ohio court rules, and the parties to the action are bound by a protective order issued by the Court that limits disclosure with respect to the proceedings.
“Scripps Networks Interactive and its shareholders benefit from a strong and mutually beneficial partnership with the Scripps family,” said Kenneth W. Lowe, chairman, president and chief executive officer of the company. “As one generation of the Scripps family passes and the next steps forward to take the reins, we’re confident that the transition in the control of Scripps Networks Interactive will be smooth and seamless.”
“This is a difficult and emotional time for our family as the final member of our parents’ generation has passed into history,” Mrs. Scagliotti said. “Our commitment to Scripps Networks Interactive and its shareholders, however, continues unaltered. Scripps Networks Interactive is a vibrant and growing company and we, as a family, are proud of its many accomplishments and support its mission of delivering top quality lifestyle content across a growing range of media platforms.”