Scripps acquires key broadcast stations in Nexstar-Tribune divestiture

Smart companies are quick to capitalize on opportunity. When regulatory hurdles in Nexstar Media’s $6.4 billion acquisition of Tribune Media Co. forced a sale of 19 television stations, our longtime client The E.W. Scripps Company acted fast. Facing a competitive market and a compressed timeline, Scripps turned to BakerHostetler to assist it in bidding to acquire eight stations in seven markets for $580 million.

Once the bid was accepted, there was only a short window to conclude negotiations of the purchase agreement, along with an option for Nexstar to buy back one of the stations at a future date.

The new additions deepen Scripps’ presence in Arizona, Florida, Michigan and New York, and include three stations in top-20 markets. Upon closing the acquisition, Scripps will have 60 stations in 42 markets, solidifying its position as one of the nation’s largest independent television station owners and allowing it to reach about 30 percent of U.S. television households.