E.W. Scripps, a broadcaster and newspaper publisher, announced last week that it would sell five of its TV stations for $170 million to Multicultural Television Broadcasting. The stations are all affiliates of the Shop at Home Network.
Scripps said the sale was part of its divestiture of the Shop at Home Network. Last June, the company sold the shipping network, including some assets, to Jewelry Television for $17 million.
If the FCC approves the sale, Multicultural, based in New York, will own WMFP in Boston; WOAC in Cleveland; WRAY in Raleigh-Durham, NC; WSAH in Bridgeport, CT; and KCNS in San Francisco.
Multicultural Television Broadcasting is a newly formed limited liability company created by Multicultural Radio Broadcasting, a multiethnic media company with radio stations, cable and satellite TV operations, and printed publications serving consumers in more than 22 languages, Scripps said. The deal is expected to be completed in the next nine months.