Scripps has agreed to acquire WMYD Detroit and WKBW Buffalo, the Granite Broadcasting-owned MyNetworkTV and ABC affiliates, respectively, for $110 million. Scripps gets a duopoly in Detroit, where it owns WXYZ.
The deal, funded with cash in hand, is subject to regulatory approval.
"These stations will contribute strong cash flow to our core business, expand our reach in one of our best markets, and expand our TV footprint in partnership with ABC,” said Rich Boehne (pictured), Scripps chairman, president and CEO. “Owning these stations also allows us to expand our news-gathering reach and our digital business and add more audiences for our original programs Let’s Ask America, The List and RightThisMinute.”
After the deal closes, Scripps will own 21 stations, reaching almost 14% of U.S. homes.
“These two stations are a terrific fit for our TV portfolio,” said Brian Lawlor, senior vice president of television. “We love doing business in Detroit. WXYZ is one of our most important TV stations, and our ability to marry it with the MyNetworkTV station allows us to extend our commitment to that market and continue the conversation and the passion driving the renaissance of this great American city.”
With the acquisition of Buffalo, Lawlor mentioned including WKBW in “content and customer strategies” along with stations in Cleveland and Detroit.