WEST PALM BEACH — On September 24, one of the biggest broadcast media mergers in recent memory was announced. The E.W. Scripps Co. is agreeing to buy ION Media — the broadcast media network with roots in the Paxson Communications operation — for $2.65 billion.
The deal will not run afoul of FCC Top Four rule regulations, as Scripps said it will divest of 23 ION stations.
On October 14, details regarding those station spins became known, thanks to an FCC filing made by Ion.
Speculation over what markets would see divestments was offered by RBR+TVBR on Sept. 24. Among the stations suggested as likely spin-offs was a West Palm Beach DMA property, while Detroit, Kansas City, Norfolk, Phoenix and Denver stuck out as cities where an asset sale will transpire.
Was that analysis accurate? Yes.
The answers can be found in an amendment to an asset purchase agreement forged by Scripps Media and Scripps Faraday, the “seller” noted in the agreement dated Oct. 12.
The buyer is INYO Broadcast Holdings, and the amended deal puts the value of the spins at $45 million — up from $30 million, as initially stated in late September.
That’s because three additional stations were added to the deal. They are:
- WPPX-61 in Wilmington, Del., using digital channel 34 and serving the Philadelphia DMA
- KKPX-65 in San Jose, Calif., using digital channel 33 and serving the San Francisco-Oakland DMA
- KPXM-41 in St. Cloud, Minn., using digital channel 16 and serving the Minneapolis DMA
These stations are added to the originally agreed upon sale of 23 properties, thus pushing the transaction upward to 26 stations in 24 markets.
The other stations being sold are:
DUOPOLY DUOS
When all is said and done, INYO will have two markets where it will own two broadcast television stations.
As shown above, INYO is acquiring WVPX-TV in Akron and WDLI-TV in Canton, each within the Cleveland DMA. It is also purchasing two stations in Bloomington, Ind., serving Indianapolis — WIPX-TV and WCLJ-TV.
INYO notes that it complies with the Top Four rule in each market.
