By: Media company E.W. Scripps Co. said Tuesday that it is selling its five television stations affiliated with the Shop At Home network to Multicultural Television Broadcasting LLC for $170 million.
The sale was part of Scripps previously announced plan to divest its money-losing television and online retail subsidiary.
The stations are WMFP-TV in Boston; WOAC-TV in Cleveland; WRAY-TV in Raleigh-Durham, N.C.; WSAH-TV in Bridgeport, Conn.; and KCNS-TV in San Francisco.
In June, Scripps sold its Shop At Home television network, including its Nashville studios and other assets, to Jewelry Television for $17 million. The broadcast stations being sold carried Shop At Home programming.
The transaction is expected to be completed over the next nine months, pending license transfers and other approvals by the Federal Communications Commission.
New York-based Multicultural Television Broadcasting is a new company created by Multicultural Radio Broadcasting Inc., a media company with radio stations, cable and satellite television operations, and printed publications in about 20 languages.
Scripps' interests include national cable networks HGTV, Food Network, DIY Network, Fine Living and Great American Country; daily and community newspapers in 18 markets; shopping services Shopzilla and uSwitch; and the United Media licensing and syndication company.
Scripps shares rose 17 cents to $47.31 in morning trading on the New York Stock Exchange.
Comments
No comments on this item Please log in to comment by clicking here