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Scripps to acquire Cordillera


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Another thing this does is it prevents Gray from having every market in Louisiana covered, although from the sense of it all they probably weren't even a serious bidder for Cordillera (due to having to divest the three largest stations). It appears to be bad timing on their part.

 

If KADN hangs up a for sale sign, we know what will come next.

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https://tvnewscheck.com/article/top-news/224512/scripps-buying-15-cordillera-stations-521m/

 

Some more details:

 

* Cordillera was sold via auction. There were other unnamed buyers. I am guessing Quincy came in 2nd and that is how they ended up with KVOA (I know we mentioned them as a second-tier possibility). I have this feeling (it's not confirmed) that Sinclair had the highest bid, but the bid was denied due to their behavior.

 

* Scripps is still very much in play for other deals, and while Cox wasn't mentioned specifically, that is right up their alley.

 

* This was indeed 2 separate deals from Cordillera - KVOA was off of them, not off of Scripps. It's a lot easier to piece things apart when you don't have shareholders and hedge funds to worry about though, even though I agree Starboard Value is on crack right now. That also gives more flexibility to pick the right buyer, not just the highest bidder.

 

I just have this feeling that Quincy is going to turn around and swap KVOA to Nexstar for some non-strategic midwest market. KELO to Quincy, anyone?

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You forgot Bakersfield, which had been the smallest Scripps market (not counting the Twin Falls satellite station) since the McGraw-Hill deal. Pre-2012, I don't think Scripps had anything in markets smaller than 60.

I've corrected my post to include Bakersfield as an existing Scripps market, and mentioned that Quincy in also moving to DMA 88 in an unrelated deal.

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The Paperwork is Up!!!

 

Here's the Transaction Description & Purchase Agreement.

 

No new info but they've asked for continued satellite authority of one of the MT stations (KBZK). And the KRIS app includes the paperwork of the JSA/SSA & Tx/Studio/Office lease for KZTV.

 

The purchase agreement also includes a 90-day transition agreement between the two parties after the deal closes.

 

The paperwork of KVOA was also posted tonight. And Quincy is buying the station for $70M.

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