Since Scripps was already a 5% owner in a portion of the business, its net purchase price is $292 million for the multicast networks Bounce, Grit, Escape and Laff.
Scripps was already a 5% owner in a portion of the business, so its net purchase price is $292 million for Bounce, Grit, Escape and Laff. Founder Jonathan Katz will continue to lead the Katz networks business. The company, with about 130 employees, will remain based in the Atlanta area.
After a 32-year run, Bill Carroll has left Katz Television where he was SVP/director of content strategy, and widely known for his tracking of, and insight on, syndicated programming. “We thank him for his service and wish him the best for the future,” said a Katz spokesperson. Carroll, 65, had no immediate comment.
While some other broadcasters say the move to bring its rep business in-house may work due to Gray’s size, many think it’s risky business, with the costs likely to outweigh the benefits. The decision to go it alone was not made lightly, said Gray’s Kevin Latek, SVP, business affairs. “We analyzed this every which way possible for pretty much close to a year until we came just to form a consensus … that this was the right direction for Gray to go.”
Petry has been losing a steady stream of clients due to station consolidation and to the periodic raids that reps stage on each other’s business. Last month, news broke that Petry had lost its biggest client, LIN Media, which is going to Katz Television, as well as the Journal Broadcast Group.
Just days after news that Petry Media had lost Journal Broadcast to Katz Television comes reports that LIN Media is taking its rep business elsewhere. No offfical word yet from Petry or LIN.
That’s according to a Katz memo to its staff. Eight stations in six markets, including Milwaukee and Las Vegas, are involved in the move. Journal’s WTVF Nashville is already a Katz client. All the station will be attached to Katz’s Eagle unit.
As VP and director of national sales for Gray Television, his rep firm is Katz-owned Continental. Spiesman was a victim of Katz layoffs a year ago. “This is loaded with ironies,” he says.
The two leading rep firms along with the broadcast software developer will provide the financial support to maintain and further develop the system for buying and selling spot TV.