The FCC today approved E.W. Scripps’ application to buy the McGraw-Hill TV station group for $212 million in cash. The deal comprises full-power ABC affiliates in Denver (KMGH); San Diego (KGTV); Bakersfield, Calif. (KERO); and Indianapolis (WRTV) and low-power Azteca America affiliates in Denver; Fort Collins, Colo.; Colorado Springs, Colo.; San Diego; and Bakersfield, Calif.
But the $70 million was a 17% gain from the same period in 2009, the last non-election third quarter. Local was up 11%, national was down 6.6% and retrans grew 32%.
Gannett CEO Gracia Martore isn’t saying whether her company was a bidder for the McGraw-Hill TV stations bought by Scripps, but she does say that the pricing supports the value of the 23 TV stations in the Gannett portfolio. And Gannett has been buying back its own stock because of the market prices.
The four ABC affiliates in Denver, San Diego, Bakersfield, Calif., and Indianapolis and five low-power Azteca affiliates go for $212 million in cash. “We are energized by the addition of good people at good stations in good markets,” says Scripps SVP Brian Lawlor.
Adam Symson is picked to lead the digital and mobile businesses for all Scripps television stations and newspapers.
Timothy M. Wesolowski, a financial executive with more than two decades of experience managing accounting, treasury, tax and risk management functions, has been named senior vice president, chief financial officer and treasurer of The E.W. Scripps Co., effective Aug. 31. Wesolowski, 53, succeeds Tim Stautberg, who was named in June to be the company’s senior […]
With no debt and nearly $160 million in cash at the end of the quarter, Scripps is well situated should it decide to boost its 10-station portfolio, but executives say any future acquisitions would have to generate a “strong cash return.”
But excluding Olympics dollars, it records a 4.4% rise. Local was up 3.5%, national dipped 1%, retrans grew 47%, while digital revenue was up 29%.
Jessica Rappaport will work closely with the group’s station leaders to develop strategies that “strengthen relationships with current advertisers and engage new content consumers.”
In today’s call with analysts, CFO Tim Stautberg says retransmission consent revenue “will move the needle for us in 2011.” But at the same time, new affiliation deals will take some of that increase.
Hot political races in some of its markets drove the boost to $101 million, aided by higher local and national ad revenue as well as an 18% rise in retransmission consent dollars and a 39% rise in digital revenue.
E.W. Scripps says its television stations will see modest advertising increases in the first half of 2011. Television ad revenues will increase in the low- to mid-single-digit range — which comes on top of a very strong fourth-quarter period — that other TV station groups have also seen.
Attorneys Julie McGehee and Dave Giles have been appointed to expanded roles by the board of directors of The E.W. Scripps Co.. Effective immediately, McGehee, 48, will add corporate secretary to her existing role as VP of compensation and benefits. Her new responsibilities include coordinating all activities of the full board and its committees, facilitating […]
The increase to $79 million is led by almost $15 million in political ad money. Local revenue was up 5%, while national grew by 25%.