U.S. The E.W. Scripps acquires 15 TV stations in 10 markets for $521 mln

The E.W. Scripps Company, a U.S.-based broadcasting company, is acquiring 15 television (TV) stations in 10 markets from rival Cordillera Communications, furthering Scripps’ strategies to increase the durability and improve the operating performance of its broadcast portfolio.

The purchase price is $521 million. The acquisition grows the Scripps local television station footprint to 51 stations in 36 markets with a reach of nearly 21 percent of U.S. television households. In addition to the increased reach, the deal adds to Scripps' market leadership, with all but one of the acquired stations ranking in its markets.

The move also adds depth to its local media footprint through the addition of three duopolies, in Helena and Great Falls, Montana, and Corpus Christi, Texas. The stations also diversify Scripps' affiliate relationships, adding more NBC and CBS stations to Scripps' strong American Broadcasting Company roster.

Based on Cordillera's blended 2017 actual and 2018 estimated revenues of $158 million and earnings before interest, taxes, depreciation and amortization of $63 million, the purchase price multiple is 7.2 times net of tax benefits.