We’ve learned that Scripps and Tegna will be making a purchase of 19 Nexstar TV stations for $1.32 billion.
11 of those networks will be going to Tegna. The local stations are located in eight markets including Memphis and Hartford. Scripps will take on eight networks in seven markets.
Scripps will now own the following stations:
- WPIX (CW) in New York City
- KASW (CW) in Phoenix (which joins the Scripps ABC affiliate there)
- WSFL (CW) in Miami–Fort Lauderdale (adjacent to the Scripps NBC affiliate in West Palm Beach, Florida)
- KSTU (Fox) in Salt Lake City
- WTKR (CBS) and WGNT (CW) in Norfolk, Virginia
- WTVR (CBS) in Richmond, Virginia
- WXMI (Fox) in Grand Rapids, Michigan
Tegna will now own the following stations:
- WTIC/WCCT (FOX/CW) in Hartford-New Haven, Connecticut
- WPMT (Fox) in Harrisburg-Lancaster-Lebanon-York, Pennsylvania
- WATN/WLMT (ABC/CW) in Memphis, Tennessee
- WNEP (ABC) in Wilkes Barre-Scranton, Pennsylvania
- WOI/KCWI (ABC/CW) in Des Moines-Ames, Iowa
- WZDX (FOX) in Huntsville-Decatur-Florence, Alabama
- WQAD (ABC) in Davenport, Iowa and Rock Island-Moline, Illinois
- KFSM (CBS) in Ft. Smith-Fayetteville-Springdale-Rogers, Arkansas
After the purchase, Scripps will have 59 stations in 42 markets. Tegna will own 60 stations in 49 markets.
Scripps CEO Adam Symson commented in a press release that “This acquisition represents another step in our plan to improve the depth, reach and durability of our broadcast television station portfolio while adding nicely to the company’s free cash flow generation.”
This is adding to the trend of just a few large media companies owning the majority of local stations. By 2016, just five companies owned 37% of local TV stations across the US. Those networks were bringing the companies $8.3 billion in revenue. With deals like this one, those numbers are continuing to grow.
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