CINCINNATI & GREENWICH, Conn.—The E.W. Scripps Company has announced it has closed its acquisition of Ion Media Networks Inc. from Black Diamond Capital Management LLC. Scripps purchase of Ion for $2.65 billion was first announced in September 2020.
Scripps will now combine Ion with the Katz networks and Newsy to create a national television networks business. Scripps says that these combined networks will reach nearly every American through free over-the-air broadcast, cable/satellite, OTT and digital distribution, and feature multiple advertising-supported programing streams.
The new national networks business will be led by Lisa Knutson, president, national networks, and previously Scripps’ chief financial officer.
“This is a historic and transformational moment for Scripps that strengthens our leadership position in broadcasting and accelerates our multiplatform strategy to serve diverse audiences everywhere they seek to be informed and entertained,” said Scripps President and CEO Adam Symson. “Bringing our networks together with Ion will create a formidable national television business focused on connecting with audiences and advertisers in the rapidly evolving media landscape while fueling our company’s future growth.”
Ion Media reaches more than 100 million homes through over-the-air and pay-TV platforms, according to Scripss’ press release.
As part of the deal, Scripps has completed the sale of 23 Ion affiliated TV stations to INYO Broadcast Holdings.
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