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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.
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