The E.W. Scripps announced this moring that it has a deal to buy two Granite Broadcasting stations -- ABC affiliate WKBW and MNT affiliate WMYD Detroit -- for $110 million in cash.
DMAS 52 & 11
Scripps Buying Granite TVs In Buffalo, Detroit
The E.W. Scripps Co. today reaffirmed its commitment to broadcasting, acquiring ABC affiliate WKBW Buffalo (DMA 52) and MNT affiliate WMYD Detroit (DMA 11) from Granite Broadcasting for $110 million.
The acquisition of WMYD creates a duopoly with Scripps’ largest station, ABC affiliate WXYZ Detroit.
Upon closing, Scripps will own 21 stations reaching nearly 14% of U.S. TV homes. Its 11 ABC affiliates that will reach nearly 12%.
“These stations in Detroit and Buffalo will contribute strong cash flow to our core business, expand our reach in one of our best markets, and expand our TV footprint in partnership with ABC,” said Rich Boehne, Scripps chairman, president and CEO.
“Owning these stations also allows us to expand our newsgathering reach and our digital business and add more audiences for our original programs Let’s Ask America, The List and Right This Minute.”
The transaction is structured as a purchase of assets, and it will be funded with cash on hand, the company said. It is expected to be accretive to earnings in the first full year Scripps operates the acquired stations. The two stations together have about 100 employees.
BRAND CONNECTIONS
The transaction is subject to regulatory approvals and is expected to close in the second quarter.
Scripps and Granite also have signed a time brokerage agreement, whereby Scripps will provide four to six hours of daily programming to WMYD until the deal closes.
“These two stations are a terrific fit for our TV portfolio,” said Brian Lawlor, senior vice president of television. “We love doing business in Detroit. WXYZ is one of our most important TV stations, and our ability to marry it with the MyNetworkTV station allows us to extend our commitment to that market and continue the conversation and the passion driving the renaissance of this great American city.
“We are equally enthusiastic about entering Buffalo for the first time in the company’s history. We have had decades of success running ABC stations along the eastern Great Lakes. We look forward to including Buffalo in our content and customer strategies that now run through Cleveland and Detroit.”
Comments (7)
Jay Miller says:
February 10, 2014 at 10:32 am
Finally after 20 years a Broadcaster will now run this Station. This was truly one of Americas great TV stations..Their morning show was the precursor to Good Morning America. Granite and their challenged management blunders destroyed this station. Good for Scripps!!
Sean Smith says:
February 10, 2014 at 11:17 am
This will indeed be good for that ABC station, as the CBS & NBC stations routinely beat up on it. Would beg to differ with you, though. The model for Good Morning America back in the mid to late ’70’s, was the “Morning Exchange” on WEWS, Cleveland, coincidentally a longtime Scripps-Howard station, and the single, longest local dominant morning show in the country, according to ABC historians. I knew people who worked there during the late 70’s. After flying David Hartman and Nancy Dussault in to watch the Cleveland production for a week, network producers actually took a blueprint of the WEWS morning set back to New York Lincoln Square, and for years, it was the exact same model as Cleveland with bright colors for intro’s and openings, neutral colors for news deliveries and muted colors for the interview sets. They also copied verbatim the format of quick openings, right to the news headlines, 3 “impending news of the day” interviews, local at :25, quick headlines at :30, 2 more “general nature” interviews to :45, then anything entertainment.. Others (including eventually NBC and the ABC O & O’s) copied the formula, but the GMA model was indeed the Morning Exchange.
Dale Godfrey says:
February 10, 2014 at 11:44 am
When ABC owned WKBW and Phil Beuth ran the place, they were unbeatable! Hopefully Scripps will restore the glory to KB once again.
John Meeks says:
February 10, 2014 at 4:06 pm
Phil was the best and you are absolutely correct about him and the station. This is from someone that actually grew up with the station and competed directly with him. A very classy man
Roger Lyons says:
February 10, 2014 at 11:56 am
WKBW makes sense, but WMYD is a “sleazy” station during the day. Scripps usually shies away from the NBCU “Trash Talk Trio” of Maury, Jerry, and Steve on its independent KMCI in Kansas City, but still runs the nearly-as-bad “The Test.” I wonder if Kevin Adell would take the talkers?
Linda Leavell says:
February 23, 2014 at 9:36 am
Good Question, What’s next for Tribune Broadcasting buying WADL-TV from Kevin Adell?
Jay Miller says:
February 10, 2014 at 3:05 pm
Both WEWS and WKBW were the precursors to GMA.. I agree