KATC is set to be purchased along with 15 other stations by the E.W. Scripps Co. in 2019.
Cordillera Communications, KATC’s parent company, has announced the acquisition of 15 of their stations by the E.W. Scripps Company in a pending $521 million deal.
When the deal is complete Scripps will hold a total of 51 television stations in 36 markets reaching nearly 21% of U.S. TV households, according to tvnewscheck.com. Those 51 stations will include 18 ABC stations, 11 NBC stations, seven CBS stations, and two Fox stations.
Stations in 10 out of the 11 markets to be acquired by Scripps are leaders in both ratings and revenue, according to Cordillera. KATC is one of those leaders.
Once the deal is finalized, Scripps will acquire the following stations:
WLEX, the NBC affiliate in Lexington, Ky.
KOAA, the NBC affiliate in Colorado Springs, Colo.
KATC, the ABC affiliate in Lafayette, La.
KSBY, the NBC affiliate in Santa Barbara-San Luis Obispo, Calif.
KRIS, the NBC affiliate, and KAJA, a Telemundo affiliate, in Corpus Christi, Tex.
KPAX and KAJJ, a CBS affiliate in Missoula, Mont.
KTVQ, a CBS affiliate in Billings, Mont.
KXLF-KBZK, the CBS affiliate in Butte-Bozeman, Mont.
KRTV, the CBS affiliate, and KTGF, the NBC affiliate, in Great Falls, Mont.
KTVH, the NBC affiliate, and KXLH, the CBS affiliate, in Helena, Mont.
The 10 markets employee around 700 people.
A 16th station owned by Cordillera will be sold to Quincy Media.
The deals are expected to be completed by the first quarter of 2019.
Read the official press release from Cordillera Communications below.
For Immediate Release: Oct. 29, 2018
ST. PAUL, Minn. – Cordillera Communications, a leader in broadcast markets across the United States, announced today it will sell 15 of its 16 stations to The E.W. Scripps Company. It will sell its Tucson station to Quincy Media, Inc. The sales are pending federal regulatory approvals.
Cordillera’s stations are leaders in both ratings and revenue in 10 of 11 markets. Its history of consistently outperforming the competition is a credit to its deep community ties, highly qualified and dedicated employees, highly rated content, and award-winning news programming.
“Our stations are as strong as they’ve been across any point in our 32-year history,” said Terry Hurley, president of Cordillera. “We’ve had a good run, and we’re proud of how our stations have excelled over the years. We’re also heartened to know they’ll continue to be in exceptional hands.”
Cordillera understands that an evolving broadcast industry requires an ability to scale for the future. Following an auction process that generated significant interest from established parties throughout the country, Scripps and Quincy were selected as the preferred acquirers.
“The two buyers represent the best possible scenario: They are poised to grow the stations and empower them to compete in this changing media landscape, and, more importantly, they will provide a great home and opportunities for the dedicated employees of Cordillera,” Hurley said.
Cordillera expects both deals to be completed by close of first quarter 2019.
About Cordillera Communications
Cordillera owns and operates television stations in 11 geographically diverse small- and medium-sized markets, serving more than 2.3 million U.S. households. Cordillera is the broadcasting arm of Evening Post Industries, a family-controlled business based in Charleston, SC dating back to 1896. In addition to television stations, EPI owns a wide range of media assets including newspapers, marketing services, and digital companies, and non-media assets including commercial real estate, forestry, hospice care, and pharmaceutical sales.
Methuselah Advisors acted as financial advisor and Cooley LLP acted as legal advisor to Cordillera Communications, LLC in connection with this transaction.