Less than four months after putting its stations up for sale the McGraw-Hill Companies has reached an agreement to sell the 9-station group to E. W. Scripps for $212 million in cash.
The McGraw-Hill Broadcasting Group includes ABC affiliates in Denver (KMGH), San Diego, (KGTV), Bakersfield (KERO), Indianapolis (WRTV) and Azteca America affiliates in Denver, Fort Collins, Colorado Springs, San Diego and Bakersfield.
Scripps owns six ABC-affiliated stations: WXYZ in Detroit, WEWS in Cleveland, WCPO in Cincinnati, KNXV in Phoenix, WFTS in Tampa and WMAR in Baltimore. Scripps also has three NBC affiliates: Kansas City (KSHB), West Palm Beach (WPTV) and Tulsa (KJRH); as well as independent station KMCI in Lawrence, Kansas.
“I am proud of the contributions the Broadcasting Group has made during its rich history with McGraw-Hill,” said Harold McGraw III, chairman, president and CEO. “Scripps is a respected media company that will provide an excellent new home for our broadcasting stations and allow them to deepen their ties and value in the markets they serve.”
Release after the jump…