The E.W. Scripps Co.’s wholly-owned subsidiary, Scripps Escrow II, has priced an offering of $550 million aggregate principal amount of new 3.875% senior secured notes and $500 million aggregate principal […]
The E.W. Scripps Co.’s wholly-owned subsidiary, Scripps Escrow II, Inc. has launched an offering of $700 million of new senior secured notes and $500 million of new senior unsecured notes. […]
It’s mission accomplished for Brandon Burgess, the CEO of Ion Media. Starting in 2006, Burgess took Paxson Communications, changed the company’s name to Ion Media, built up viewership and last month agreed to sell it to E.W. Scripps Co. for $2.65 billion. Burgess, 52, won’t be sticking around to help run Scripps’s newly enlarged national media unit and collect an earn-out.
On Sept. 24, one of the biggest broadcast media mergers in recent memory was announced. The E.W. Scripps Co. is agreeing to buy Ion Media — the broadcast media network with roots in the Paxton family media operation — for $2.65 billion. The deal will not run afoul of FCC Top 4 regulations, as Scripps said it will divest of 23 Ion stations. On Oct. 14, details regarding those station spinoffs became known, thanks to an FCC filing by Ion.
EVP-CFO Lisa Knutson will lead the new Scripps national television networks business, and EVP, National Media Laura Tomlin will become chief administrative officer of the company.
The agreement includes multiyear deals for NCIS: New Orleans and Hawaii Five-0.
Exclusives
TVNewsCheck‘s Michael Depp and Harry Jessell unpack what matters about E.W. Scripps’ acquisition of Ion Media and recap last week’s OTT News Summit, which spotlighted the “operational agility” of streaming news in a year of surging pandemic audiences.
It will combine it with Scripps’ Katz networks and Newsy “to create a full-scale national television networks business” and will spin off 23 of Ion’s 71 stations to comply with FCC ownership regulations. Scripps has agreed to a transaction with a buyer, who has agreed to maintain Ion affiliations for the stations. Warren Buffett’s Berkshire Hathaway gets a warrant to purchase as many as 23.1 million Class A Scripps shares as part of the deal.
Ion Media Buys Entravision’s KMCC Las Vegas
The purchase solidifies its position as the nation’s largest TV broadcast UHF spectrum operator.
Ion Media — a privately held operator of 70 stations across the US — has joined buyout firm Cerberus Capital and Hicks Equity Partners in a bid to buy Tribune Media, according to a source close to the situation.
It solidifies its position as nation’s largest TV spectrum operator by adding stations in Los Angeles (purchased from Sunbelt Television) and Cleveland, Indianapolis, Columbus and Dayton (from Trinity Broadcasting).
With the completion of the purchase from Ironwood Communications, the group expands to 65 full-power stations in 59 markets. It’s changing the station’s calls to WIPL.
Financial and operating results drive upgraded performance outlook from financial ratings agencies. It extends Chairman-CEO Brandon Burgess’ contract and he says the company is looking to expand original content, large-market station holdings and wants to innovate with its inventory of spectrum.
A new Ion Media-commissioned Nielsen study confirms younger, more diverse audiences are increasingly turning to broadcast television.
Ion Buys 3 Stations In Mo., S.C. And Idaho
The purchases of WRBU St. Louis; WZRB Columbia, S.C.; and KTRV Boise, Idaho, expand the group’s portfolio to 63 stations in 58 markets, including all of the top 20 and 24 of the top 25. Terms weren’t disclosed.
2016 Revenue: $147.9 million Stations: 62 stations in 56 markets Coverage: 64.82% Ownership: Private Key Executives: Brandon Burgess, chairman-CEO; David Glenn, co-head of TV stations operations; Terri Santisi, co-head of TV stations operations. What’s Up: […]
Ion Media CEO Brandon Burgess commended FCC Chairman Ajit Pai for restoring the UHF discount in calculating compliance with the 39% national ownership cap — a move that will allow Ion to be sold in toto even though its coverage (64.8%) far exceeds the nominal cap. “This action allows small entrepreneurial and consumer-oriented companies like Ion Media to continue to succeed in a consolidating media world,” he said in an open letter.
Diginets Keep Growing, Despite Auction Cloud
While the spectrum auction and repack could raise challenges, most multicast network players say they’re bullish on the business, especially with the likely adoption of ATSC 3.0. Diginets keep adding affiliates and expanding coverage and the top ones have begun attracting general market advertising. This is Part 1 of a four-part special report on multicasting. Parts 2 and 3 also appear today. Part 4, running Thursday morning, will focus on the technology of compression and channel sharing. You can read the other stories here.
Fox along with Tribune, Univision and Ion met with FCC Chairman Tom Wheeler, officially acknowledging their interest in selling spectrum in the FCC incentive auction next year by offering suggestions on how the auction should be conducted.
Fox along with Tribune, Univision and Ion met with FCC Chairman Tom Wheeler, officially acknowledging their interest in selling spectrum in the FCC incentive auction next year by offering suggestions on how the auction should be conducted.
Brian Brady’s Cedar Creek Broadcasting is buying the St. Louis and Columbia, S.C., stations that had fallen into bankruptcy under Roberts Broadcasting.
The radio and television station owner and creator of the Home Shopping Network and Pax TV (later Ion TV) died on Jan. 9 at the age of 80. NAB President Gordon Smith commented: “Broadcasters have lost a friend and a legend in the passing of Bud Paxson, who was a tenacious advocate for over-the-air radio and televsion.”
Ion Media CEO Brandon Burgess says while his company is looking at the pros and cons of selling some spectrum, he’s doubtful it will and, what’s more, he questions whether the auction, planned for 2016, will ever take place.
To Some, Selling Spectum Could Makes Sense
For some group owners, especially those with multiple stations in major markets, the FCC’s upcoming incentive auction is starting to look like an opportunity to reap a cash windfall. Both LIN and Meredith say they’re considering participating. And for others like Ion and Univision, the financial rewards are very tempting.
TKTKTKTK
On Oct. 3, at an investors’ conference in Texas, LIN Media CEO Vince Sadusky and CTO Brett Jenkins acknowledged that the station group might sell some of its TV spectrum […]
Ion Media Networks has committed to upgrading its stations to launch mobile DTV signals in the first quarter, a move that will make mobile DTV signals available in the nation’s top 10 TV markets within 60 says.
