E.W. Scripps doubles down on broadcasting by buying McGraw-Hill TV stations

TV NewsCheck
E.W. Scripps’ $212 million purchase of nine McGraw-Hill’s TV stations brings Scripps’ broadcast reach to 13 percent of TV homes in U.S., TV NewsCheck reports. Scripps CEO Rich Boehne said the company decided to invest in broadcast because “it is a strong local media model that benefits from the larger TV eco-system around it. … With a license, a share of valuable spectrum, required carriage on cable systems and long-term programming partnerships, broadcast stations are good businesses today with attractive options for creating more value in the future.” The addition of the McGraw-Hill stations adds more ABC affiliates to Scripps’ roster and gives the company an entry point into the Spanish-language marketplace. The first order of business: improving the ratings of McGraw-Hill newscasts. “That’s the biggest upside to drive revenue through the organization,” said Brian Lawlor, senior vice president of television for Scripps. || Related: Wells Fargo analyst says price is a positive sign for TV industry (TV NewsCheck) | Media General’s stock price falls after Moody’s downgrades rating (Reuters)