Media conglom buys affiliates for $212 million cash
The E.W. Scripps Company, which owns cablers including the Food Network and HGTV, is buying nine McGraw Hill stations for $212 million in cash. The transaction is still subject to regulator approval and normal closing conditions, and is advised by Morgan Stanley.The stations purchased include four ABC affiliates: KMGH in Denver, KGTV in San Diego, KERO in Bakersfield and WRTV in Indianapolis. The other five stations are Aztec America affiliates and are located in Denver, Fort Collins, Colorado Springs, San Diego and Bakersfield.