Recognized by The M&A Advisor for Purchase of McGraw Hill Broadcasting Group
CLEVELAND, OH, Dec. 19, 2012 – The E.W. Scripps Company, a diversified media enterprise with holdings in television and newspapers, and its lead legal counsel, BakerHostetler, were recognized for the “Sector Deal of the Year (From $100mm to $1 billion)” in the Technology, Media and Telecom category at the 11th annual M&A Advisor Awards Gala held in New York on December 11. The companies add this award to their recognition as “Middle-Market Deal of the Year (From $100mm to $250mm)” in 2010 for The E.W. Scripps Company’s sale of Character Licensing, a wholly-owned subsidiary of Scripps responsible for the licensing of the Peanuts characters. Bill Appleton, Senior Vice President and General Counsel of The E.W. Scripps Company and Steven H. Goldberg of BakerHostetler led the legal team.
The award was for The E.W. Scripps Company’s purchase of McGraw-Hill’s Broadcasting Group. The deal was negotiated over one weekend, and the entire transaction was executed in less than 90 days, including obtaining bank financing and FCC approval. For $212 million, The E.W. Scripps Company acquired four stations affiliated with the ABC television network in Denver, Indianapolis, San Diego and Bakersfield, as well as five low-power stations affiliated with Azteca America, a Spanish-language network. Upon completion of the deal, The E.W. Scripps Company became the second largest owner of independent ABC affiliates.
“I am honored to accept this prestigious award on behalf of everyone at Scripps who worked to make this deal such a success,” said William Appleton, General Counsel of The E.W. Scripps Company. “This transaction was a true win for both companies.”
“Obtaining FCC approval and executing the transaction in such a short period of time speaks to the well-formulated proposal the teams worked so diligently to create,” said Steven Goldberg, partner and co-chairman of BakerHostetler’s Transactions Practice Team. “Being recognized by the M&A Advisor, a prominent industry organization, underscores the increased profile of our global M&A practice.”
The 11th annual M&A Advisor Awards Gala honored excellence in deal making for transactions that closed between September 1, 2011 and September 30, 2012 with a value of more than $10 million. The M&A Advisor Awards and Summit is the original and premiere event that brings together over 600 of the leading M&A dealmakers, deal team members and key service providers in an exclusive gathering. An independent judging committee of 16 top M&A, Restructuring and Finance industry experts determined the ultimate recipients of the awards which were revealed “Academy-Award style” at the gala.
“Since 2002, we have been honoring the leading M&A transactions, companies and dealmakers. BakerHostetler was chosen from 423 nominations and over 600 participating companies to receive the award. It gives us great pleasure to recognize BakerHostetler and bestow upon them our highest honor for M&A firms and professionals,” said David Fergusson, Senior Managing Director, The M&A Advisor.
Partner-in-Charge of the Cincinnati office, Dave Holcombe; Partner and National Co-Leader of Baker Hostetler’s Privacy, Security and Social Media Team, Jerry Ferguson; Partners Ray Malone, Rob Morwood, Michael Bridges, Bill Toomajian, Craig Hoffman and Ed Ginsburg; Of Counsel Kenneth Howard and Counsel Judy Gechman; and Associates Henry Bodenheimer, Todd Yaross and Jason Cabico contributed to the deal’s success.
Scripps (www.scripps.com) is a leading media enterprise that embraces its rich history in delivering high-quality journalism through television stations, newspapers and the Scripps Howard News Service, while developing and expanding its digital strategies, including social gaming, for multiple platforms. The company provides community-changing breaking news, story-telling, investigations and interactive outreach at 19 television stations in major markets such as Denver, San Diego, Detroit, Phoenix, Cleveland, Cincinnati and Tampa, and 13 newspaper markets, including Memphis, Knoxville, Naples, Fla., and Corpus Christi, Texas. Since 1941, Scripps has operated the National Spelling Bee, one of America’s most-enduring celebrations of academic excellence. For a full listing of Scripps media companies and their associated Web sites, visit http://www.scripps.com/.
BakerHostetler is among the nation's 100 largest law firms with more than 800 attorneys coast to coast, delivering the highest quality legal counsel on the most complex and critical issues facing clients today. The firm has offices in Chicago, Cincinnati, Cleveland, Columbus, Costa Mesa, Denver, Houston, Los Angeles, New York, Orlando and Washington, D.C. Its five primary practice groups are Business, Employment, Intellectual Property, Litigation and Tax. For more information, visit www.bakerlaw.com
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