VOL. 126 | NO. 244 | Thursday, December 15, 2011
E.W. Scripps Borrows $300M to Finance TV Group Purchase
Knoxville News Sentinel staff
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.
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