WEST PALM BEACH — As expected, the merger of ION Media with The E.W. Scripps Co. has led Scripps to initiate a migration plan that will bring its five Katz Networks multicast networks to newly acquired ION properties.
The moves begin on March 1.
A rolling transition will be seen, as network affiliation agreements for those properties will gradually expire over the next five years.
As such, it will not be until 2026 that Bounce, Court TV, Court TV Mystery, Grit and Laff are seen across all of the former ION Media stations.
And, to be clear, ION Television isn’t disappearing. ION’s three other networks are.
Scripps has confirmed that the ION multicast networks ION Plus, QUBO and SHOP ION will cease operations. Their final broadcast date is February 28.
In prepared comments, Scripps President/CEO Adam Symson said, “The distribution expansion of the Scripps multicast networks through ION’s broadcast spectrum is the first major step in our realizing the tremendous synergies of the ION transaction. National Networks President Lisa Knutson and her team are working quickly and effectively to uphold Scripps’ commitment to executing our plan.”
A JOB FORCE REDUCTION STARTS
With the addition of the ION properties comes the implementation, as previously announced, of “cost savings.”
Translation: layoffs are underway, with some 120 employees across the national networks and corporate workforce losing their jobs. The workforce reduction began this week.
“Scripps now expects to exceed its initial ION acquisition estimates of $500 million in synergies, most of which are contractually based, over the next six years,” the company said.
As of 12:15pm Eastern, Scripps shares were priced at $14.80.
