The E. W. Scripps Company today said it completed its acquisition of nine television stations from McGraw-Hill Broadcasting, including Denver’s KMGH Channel 7.
The company announced its intention to acquire the stations on Oct. 3.
The purchased assets include ABC-affiliated stations in Denver, Indianapolis, San Diego and Bakersfield, Calif., and five stations affiliated with the Spanish-language Azteca America Network in Colorado and South California.
Scripps paid $212 million in cash for the stations in an acquisition approved by the Federal Communications Commissions earlier this month.
Financing for the transaction was provided by a bank group led by SunTrust Bank.
McGraw-Hill said today the divestiture of its Broadcasting Group, which it characterized as a non-core asset, was carried out pursuant to the company’s growth and value plan, which will create two companies, McGraw-Hill Finance and McGraw-Hill Education.
Harold McGraw III, chairman and president of the McGraw-Hill Companies, thanked the men and women of its former stations for their valuable contributions to McGraw-Hill. He said he knows they are joining a respected media organization where they will continue delivering news, insights and entertainment.
Howard Pankratz: 303-954-1939 or hpankratz@denverpost.com.
