Scripps Buying 15 TV Stations
• The E.W. Scripps Company wasn’t kidding when they got out of the radio business to focus on television — the company is acquiring 15 television stations (and some 700 new employees) in 10 markets from Cordillera Communications for $521 million. Cordillera Communications is owned by Evening Post Industries. This acquisition grows the Scripps local television station footprint to 51 stations in 36 markets with a reach of nearly 21 percent of U.S. TV households.
The stations are: WLEX/Lexington, KY (NBC affiliate); KOAA/Colorado Springs, CO (NBC); KATC/Lafayette, LA (ABC); KSBY/Santa Barbara-San Luis Obispo, CA (NBC); KRIS (NBC) & KAJA (Telemundo)/Corpus Christi, TX; KPAX and KAJJ (CBS)/Missoula, MT; KTVQ/Billings, MT (CBS); KXLF/KBZK/Butte-Bozeman, MT (CBS); KRTV (CBS) and KTGF (NBC)/Great Falls, MT; KTVH (NBC) and KXLH (CBS)/Helena, MT. Scripps is not buying Cordillera’s one remaining TV station in Tucson, AZ because the company already operates a duopoly in that market. There are no other overlapping markets.
“Through this transaction, Scripps will operate the No. 1-rated TV stations in a third of its markets, enhancing the durability of our portfolio,” said Brian Lawlor, President of Local Media. “The acquisition also allows us to go deeper in new markets with the addition of three new duopolies, including two with Big Four combinations.”
Adam Symson, Scripps President & CEO, commented, “In addition to the immediate benefits to our portfolio’s operating performance, this deal leaves Scripps with the capability to continue to pursue incremental and transformative deals for television stations,” said “We will continue to pursue all appropriate avenues to enhance the scale and operating performance of our local media portfolio.” The deal is expected to close in the first quarter of 2019.
