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News Breaks
February 10, 2014
08:18 EDTSSPE.W. Scripps agrees to acquire two stations for $110M
E.W. Scripps has agreed to acquire two television stations owned by Granite Broadcasting -- Detroit MyNetworkTV affiliate WMYD and Buffalo ABC affiliate WKBW -- for $110M in cash. The acquisition of WMYD creates a duopoly with the largest Scripps station, Detroit ABC affiliate WXYZ. The acquisition of WKBW in Buffalo adds the ABC station in market #52. With this deal, Scripps will own 11 ABC affiliates that will reach nearly 12 percent of U.S. households, the largest reach among station groups. The transaction is structured as a purchase of assets, and it will be funded with cash on hand; no debt financing will be required. It is expected to be accretive to earnings in the first full year Scripps operates the acquired stations. The transaction is subject to regulatory approvals and customary closing conditions and is expected to close in the second quarter.
News For SSP From The Last 14 Days
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October 10, 2014
08:33 EDTSSPJournal Communications unit to sell KFTI-FM
Journal Broadcast Group, a subsidiary of Journal Communications (JRN) has announced an agreement to sell radio station KFTI-FM in Wichita to Envision Broadcast Network, which is affiliated with Envision. Journal Broadcast Group is required to divest one FM station in its Wichita cluster as a result of the announced transaction between Journal Communications and E.W. Scripps (SSP), in order to comply with the FCC’s ownership limits. As part of that transaction, Journal Broadcast Group’s TV and radio stations will become part of Scripps, and both companies’ newspaper operations will be spun off and then merge to form a new public company called Journal Media Group. The transaction is expected to close in 2015. The sale of KFTI is contingent on FCC approval.
October 8, 2014
09:08 EDTSSPE.W. Scripps acquires mobile weather technology firm WeatherSphere
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06:35 EDTSSPE.W. Scripps acquires WeatherSphere, terms not disclosed, TechCrunch reports
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