BUFFALO, NY (WKBW-TV) - WKBW-TV is about to get new owners. The E.W. Scripps Company has agreed to purchase two Granite Broadcasting stations, WMYD in Detroit and WKBW in Buffalo, for $110 million.
The purchase of WKBW-TV in Buffalo adds the ABC station in market #52. With this deal, Scripps will own 11 ABC affiliates that will reach nearly 12 percent of U.S. households, the largest reach among station groups.
"We are thrilled to be joining the Scripps family and WKBW and Buffalo fit perfectly in their long successful strategy of running successful ABC stations in turnaround markets - especially along the Great Lakes (as they are already in Cleveland and Detroit)," said Michael Nurse, WKBW-TV General Manager. "Scripps is very committed to being great community partners and this dovetails perfectly with our 'Good Things Happening' brand as well. We are grateful that Granite Broadcasting is handing off the ball to truly great broadcasters and a multifaceted media company with the commitment and resources to take WKBW to the next level."
The Cincinnati based company said the deal is an asset purchase and will be funded with cash.
The E.W. Scripps Company serves audiences and businesses through a growing portfolio of television, print and digital media brands. After approval of its acquisition of two Granite Broadcasting stations later this year, Scripps will own 21local television stations as well as daily newspapers in 13 markets across the United States. It also runs an expanding collection of local and national digital journalism and information businesses including online multi-source video news provider Newsy.
Scripps also produces television programming, runs an award-winning investigative reporting newsroom in Washington, D.C.,
and serves as the long-time steward of one of the nation's longest-running and most successful educational programs, Scripps
National Spelling Bee. Founded in 1879, Scripps is focused on the stories of tomorrow.