Scripps completes acquisition of ABC TV stations | Major Businesses | Business
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In its latest splash of cash for acquisitions, The E.W. Scripps Company has closed its acquisition of three ABC-affiliated television stations in Florida and Texas owned by Raycom Media and announced new leadership for both markets.

scripps 8 nov 2018The $55 million purchase of KXXV and KRHD in Waco-Temple-Bryan, Texas, and WTXL in Tallahassee, Florida comes as a result of Gray Television’s acquisition of Raycom and the acquisitions expand Scripps’ holdings to 36 TV stations in 26 markets and increase its US TV household reach to 18.5%. KXXV and KHRD are the company’s first stations in Texas and adding WTXL expands the company’s presence in Florida, which already includes the Fort Myers, West Palm Beach and Tampa markets, to reach nearly half of the state’s TV households.

Scripps’ footprint will also grow with its purchase of 15 TV stations in ten markets from Cordillera Communications which is expected to close this spring.

Both transactions further the company’s strategies to improve the durability of its broadcast portfolio, said Brian Lawlor, president of Scripps Local Media. “The acquisitions of the Waco and Tallahassee stations and those from Cordillera increase the scale of our portfolio and deepen our presence in politically important markets including Florida, Texas and Colorado,” he noted. “These strong additions to our footprint help advance our strategies to improve margin profile, cash flow and operating performance.”

In terms of the acquired companies’ management, Scripps has promoted from within to appoint new leaders for both new markets. Matt Brown will serve as vice president and general manager for WTXL in Tallahassee, Florida and Adam Chase will serve as vice president and general manager for KXXV and KRHD in Waco, Texas.