The E.W. Scripps Company Completes 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.  Furthermore, it was for three ABC affiliated 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.  Lastly; 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 television stations, which will be led by Adam Chase and Matt Brown are:  KXXV, KRHD and WTXL.  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.  Since the year 2016, he has been the Vice President and General Manager of the television station KERO, which 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 mentioned, is located in the State of Florida, U.S.A.  Furthermore, it is in the Tallahassee television market.  Mr. Matt Brown was also promoted from within.  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.  Furthermore, this acquisition grows the aforementioned business’s holdings of television stations to 36.  The 36 television stations, are located in 26 television markets of the U.S.A.  Furthermore 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, the latter, was funded with cash on hand.  Furthermore, this media company does expect the acquisition to be accretive; per share of traded common stock.  Lastly, 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 television stations that, are owned by Cordillera Communications.  The 15 television stations are located in 10 television markets, of the U.S.A.  More information was not disclosed.

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.  The 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 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.



###

Written from Press Release

Registered Writer at

PR Newswire Association LLC

01/05/2019



Purchase Newspaper/Magazine Articles from this Author.

Use this Link:




Sports Betting, Click Here:




Post a Comment

Previous Post Next Post