E.W. Scripps Cozies Up To ABC With $212M Deal For McGraw-Hill TV Stations

The nine-station acquisition includes ABC affiliates in Denver, Indianapolis, San Diego, and Bakersfield, CA. When the transaction is complete, 10 of Scripps’ 19 stations will be ABC affiliates — making it the largest independent owner of ABC stations. McGraw-Hill’s other stations are low-power affiliates of Spanish language network Azteca America. Wells Fargo analyst Marci Ryvicker says this morning that the terms are “a positive for the broadcast TV space” because they reaffirm the value of stations at a time when potential buyers are growing concerned about the prospects for the ad market. Nexstar is still looking to sell. McGraw-Hill wanted to unload its stations as it prepares to split into two companies, and deal with shareholder concerns that it has become too unfocused. Here’s the release: (more…)

This article was printed from https://deadline.com/2011/10/e-w-scripps-cozies-up-to-abc-with-212m-deal-for-mcgraw-hill-tv-stations-179130/