KRTV, other Montana stations sold
In a release, Scripps said it was acquiring 15 television stations in 10 markets from Cordillera Communications.
The stations Scripps is acquiring are:
- WLEX, the NBC affiliate in Lexington, Kentucky
- KOAA, the NBC affiliate in Colorado Springs, Colorado
- KATC, the ABC affiliate in Lafayette, Louisiana
- KSBY, the NBC affiliate in Santa Barbara-San Luis Obispo, California
- KRIS, the NBC affiliate, and KAJA, a Telemundo affiliate, in Corpus Christi, Texas
- KPAX and KAJJ, a CBS affiliate in Missoula, Montana
- KTVQ, a CBS affiliate in Billings, Montana
- KXLF/KBZK, the CBS affiliate in Butte-Bozeman, Montana
- KRTV, the CBS affiliate, and KTGF, the NBC affiliate, in Great Falls, Montana
- KTVH, the NBC affiliate, and KXLH, the CBS affiliate, in Helena, Montana
“In addition to the immediate benefits to our portfolio’s operating performance, this deal leaves Scripps with the capability to continue to pursue incremental and transformative deals for television stations,” said Adam Symson, Scripps president and CEO. “We will continue to pursue all appropriate avenues to enhance the scale and operating performance of our local media portfolio.”
The 10 Cordillera markets have about 700 employees.
The Tuscon station is being acquired by Quincy.
The transaction will be financed through an incremental term loan underwritten by Wells Fargo. Scripps’ existing Term Loan B and senior unsecured notes will remain in place. The company anticipates its total leverage ratio, net of cash, would be approximately 4.8x at closing, according to Scripps.
The deal is expected to close in the first quarter of 2019.
Methuselah Advisors acted as financial advisor and Cooley LLP acted as legal advisor to Cordillera Communications. BakerHostetler acted as legal advisor for Scripps.