E.W. Scripps will buy ION Media for $2.65 billion to expand its broadcast footprint and national television networks business to reach more than 100 million homes through over-the-air and pay TV platforms.
ION operates a national television network featuring crime and justice procedural programming along with 71 broadcast television stations in major markets including Los Angeles, Washington, D.C. and Phoenix. Scripps said that by combining the business with its Katz networks and Newsy, it can create a full-scale national television network.
“This evolution of Scripps’ national television networks business, through the combination of ION, the Katz networks and Newsy, repositions the company in the television landscape,” said Scripps President and CEO Adam Symson in a statement.
Scripps will divest of 23 ION stations so the merged company can fully comply with FCC local and national ownership regulations. Scripps has already agreed to a transaction with a buyer, who has agreed to maintain ION affiliations for the stations.
The merger is expected to close in the first quarter of 2021.
