E.W. Scripps (NYSE:SSP) Says Stock Declines Probably Due to Manager Sell-Off

Shares of E.W. Scripps (NYSE:SSP) are trading 7.8% lower to $8.94 Monday after the media company said its losses today are likely linked to managers selling shares they had just received as part of a reward program.

In February, the company said around 1.8 million Class A common shares would be distributed into the accounts of senior managers at the company after the shares vested last Friday.

Scripps spokesman Lee Rose said in a statement that, because most of those senior leaders didn't receive cash bonuses in 2009 or earlier this year, it is likely that a number of those managers sold shares Monday.