The E.W. Scripps Company Completes the Acquisition of Three ABC Affiliated Television Stations


(Cincinnati, OH) Initially, the agreement to acquire was completed on August 20th, 2018.  The agreement to acquire was with Gray Television-Raycom Media.  Additionally, it was for three ABC affiliated broadcast television stations.  The aforementioned three television stations; were spun off to be sold, after the successful merger that, created Gray Television-Raycom Media.  Recently, The E.W. Scripps Company announced that, the acquisition has been completed and formalized.  The reported acquisition cost is, $55 million USD.  The E.W. Scripps Company has appointed Adam Chase, and, Matt Brown; to lead the three newly acquired television stations.

          The three newly acquired ABC affiliated broadcast television stations; which will be led by Adam Chase, and, Matt Brown are as follows.  KXXV, KRHD and WTXL are the broadcast television stations.  The television stations KXXV and KRHD are in the State of Texas, U.S.A.  Additionally, both are in the Waco Temple and Bryan television market.  Adam Chase; will take over and perform the role of Vice President and General Manager of the television station KXXV, and, the television station KRHD.  Mr. Adam Chase was promoted from within, to be able to, perform the previously mentioned role.  Since the year 2016, he has been the Vice President and General Manager of the television station KERO.  The previously noted, is located in Bakersfield, California U.S.A.  Matt Brown, will take over and perform the role, of Vice President and General Manager of the television station WTXL.  The previously noted, is located in the State of Florida, U.S.A.  Additionally, it is in the Tallahassee television market.  Mr. Matt Brown was also promoted from within, to be able to, perform the previously mentioned role.  Since the year 2014, Mr. Matt Brown has been the News Director at the television station, WFTS.  WFTS is located in Tampa, Florida U.S.A.  Additionally, it is an E.W. Scripps owned television station.

          The E.W. Scripps Company (NASDAQ:  SSP) reports, 130 employees, for the three newly acquired television stations.  Additionally, this acquisition grows the aforementioned business’s holdings of television stations, to 36.  The 36 television stations are located in 26 television markets, in the U.S.A.  Additionally and on a cumulative basis, the 36 television stations reach 18.5% of the television households, in the U.S.A.  For the State of Florida, The E.W. Scripps Company can reach 50% of the television households.  For the $55 million dollar acquisition cost, it was funded with cash on hand.  Additionally, this media company does expect the acquisition, to be accretive per share of traded common stock.  Finally, a second revelation was made during this recent announcement.  In the spring of the year 2019; The E.W. Scripps Company, is also going to finalize an agreement to acquire, with Cordillera Communications.  The aforementioned definitive agreement to acquire is for 15 broadcast television stations that, are owned by Cordillera Communications.  These 15 television stations are located in 10 television markets, in the U.S.A.  More information was not disclosed, regrettably.

          To end, The E.W. Scripps Company did release a press statement.  Brian Lawlor is the President of Local Media at The E.W. Scripps Company.  Through a press statement, Mr. Lawlor said the following.  “Both transactions further the company’s strategies to improve the durability of its broadcast portfolio.  The acquisitions of the Waco and Tallahassee stations and those from Cordillera increase the scale of our portfolio and deepen our presence in politically important markets including Florida, Texas and Colorado.  These strong additions to our footprint help advance our strategies to improve margin profile, cash flow and operating performance.”  As previously stated, the aforementioned media company has officially finalized and closed, an agreement to acquire.  This agreement was agreed upon, on August 20th, 2018.  Additionally, the agreement to acquire was with, Gray Television-Raycom Media.  Furthermore, it was for three ABC affiliated broadcast television stations.  These three television stations, were spun off to be sold, after the successful merger that created Gray Television-Raycom Media.  Two of the three television stations are in Texas, whilst, the third is in Florida.  The reported acquisition cost is, $55 million USD.  Lastly; Adam Chase and Matt Brown, were appointed to take control and lead, the three newly acquired television stations.

 

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Written from Press Release

Registered Writer with

PR Newswire Association, LLC

R-Berumen28

01/05/2019


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