The Federal Communications Commission authorized the transfer of Journal Communications radio and TV stations to E. W. Scripps Co. Friday, according to TVNewsCheck.
According to the story, the new company will retain the Scripps name, and its shareholders will have voting control.
The deal will make Cincinnati-based Scripps the nation’s fifth-largest independent TV station group, with 34 stations in 24 markets, including WTMJ-TV (Channel 4) in Milwaukee, covering 18% of U.S. TV households.
But according to broadcast industry newsletter Tom Taylor Now, the deal comes with a twist regarding ownership of more than one station in two markets – Boise and Green Bay – under the “failing station” waiver. The Boise station, – a Fox affiliate – has since become one of the top rated stations in the market, requiring its divestiture.
See the complete FCC letter to Scripps and Journal here.
Journal Broadcast has 35 radio stations in eight markets, including WTMJ-AM (620) and WLWK-FM (94.5); Scripps left the radio business in the 1990s.
Scripps and Journal are also spinning off their newspaper interests, including the Milwaukee Journal Sentinel, to form Journal Media Group, with headquarters in Milwaukee.
The transaction is expected to be completed in early 2015.
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