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Scripps acquiring 15 TV stations, boosts political ad guidance

Oct. 29, 2018 10:22 AM ETThe E.W. Scripps Company (SSP) StockBy: Jason Aycock, SA News Editor
  • E.W. Scripps (SSP +2.9%) is acquiring 15 TV stations, across 10 markets, from Cordillera Communications.
  • It's paying $521M for the block and says the purchase is immediately accretive to margins both for its Local Media segment and for the overall company.
  • The move will expand its local TV footprint to 51 stations overall in 36 markets.
  • Reach will expand to nearly 21% of U.S. TV households, and all but one of the acquired stations are No. 1 in their markets, adding ratings power. And it adds more NBC and CBS affiliates to a roster already strong with ABC affiliates.
  • Based on Cordillera's actual and estimated revenues and adjusting for synergies, the purchase price multiple is 7.2x net of tax benefits, Scripps says.
  • Meanwhile, Scripps also says it expects $130M in political ad revenue from this year's midterm elections, a 73% jump over 2014's midterms, due to "tightly contested races" in a number of its local media markets.

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