E.W. Scripps Buys McGraw-Hill’s Nine TV Stations, 460 Employees

E.W. Scripps has agreed to buy the TV group of McGraw-Hill for $212 million, TVNewsCheck reports.

With the purchase, Scripps gets to extend its reach to 13% of American homes, and McGraw-Hill gets to get out of the mass media business; its remaining properties target niche consumers in the marketing, energy, construction and aviation industries.

The stations include four full-power ABC affiliates in Denver (KMGH); San Diego (KGTV); Bakersfield, Calif. (KERO); and Indianapolis (WRTV) and five low-power Azteca America stations, which target Spanish-speaking Americans.

The nine stations employ about 460 people total and Scripps expects them to be “modestly” profitable in the first year.

“We have a lot of work to do in the months ahead on the operational side,” said Brian Lawlor, Scripps SVP of television, on a conference call announcing the news. “But we are energized by the addition of good people at good stations in good markets and the knowledge that there are many ways in both the short and long term that we can make meaningful improvements in these operations.”