One of the most desirable of several television station groups that have been on the market has been sold for $212 million in cash, B&C reports.
The McGraw-Hill group was sold to Scripps, the story reports. “The group includes ABC affiliates KMGH Denver, WRTV Indianapolis, KGTV San Diego and KERO Bakersfield, along with low power Azteca America affiliates in San Diego, Bakersfield, Denver, Fort Collins and Colorado Springs,” the report says.
According to B&C: “The Scripps management team said the McGraw-Hill stations were attractive because they’re in growing markets, they strengthen Scripps’ ABC portfolio, offer a similar news culture as the Scripps stations, and represent an avenue into the growing Spanish-language broadcasting business.”
Scripps President and CEO Rich Boehne said the deal is a "smart investment in a business we already know well and run successfully. At the same time, it enlarges our field of opportunity for new digital and programming businesses by entering several of the country’s most attractive TV markets."