E.W. Scripps Co. (NYSE: SSP) has agreed to buy two television stations for $110 million.
The broadcaster is buying Detroit MyNetworkTV affiliate WMYD and Buffalo, N.Y., ABC affiliate WKBW, from Granite Broadcasting Corp.
The deal for WMYD creates a duopoly with the largest Scripps station, Detroit ABC affiliate WXYZ. The WKBW deal gives Scripps an ABC station in the Buffalo market. Scripps also expects the acquisitions to expand its news-gathering reach, digital business opportunities and audience for original programming “Let’s Ask America,” “The List” and “RightThisMinute.”
After the deal closes, Scripps with own 21 stations, giving the company market reach of 14 percent of U.S. households.
The deal follows Meredith Corp.’s (NYSE: MDP) December acquisitions of three television stationsfrom Gannett Co. Inc. (NYSE: GCI). In June, Gannett agreed to buy Belo Corp. for $1.5 billion, adding 20 television stations to the buyer.
For more, see "Broadcasting Stations Beckon Buyers."