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VOL. 126 | NO. 244 | Thursday, December 15, 2011

E.W. Scripps Borrows $300M to Finance TV Group Purchase

Knoxville News Sentinel staff

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The E.W. Scripps Co., owner of the Memphis Commercial Appeal and the Knoxville News Sentinel, said Tuesday it has entered into a new $300 million revolving credit and term loan agreement with SunTrust Bank.

The debt will be used to finance the acquisition of McGraw-Hill Broadcasting Inc. The financing agreement has a five-year term and includes a $212 million loan and an $88 million revolving credit facility.

The Cincinnati-based media company announced in October that it was buying the McGraw-Hill television group.

Included in the transaction are four stations affiliated with the ABC television network: KMGH in Denver, the country’s 17th largest market; WRTV in Indianapolis, the 27th largest market; KGTV in San Diego, the 28th largest market; and KERO in Bakersfield, Calif., the 125th largest market.

Five other stations involved in the transaction – KZSD in San Diego, KZKC in Bakersfield, KZCO in Denver, KZFC in Fort Collins, Colo., and KZCS in Colorado Springs, Colo. – are low-power stations affiliated with the Azteca America Spanish-language network.

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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