Scripps to pay McGraw-Hill $212M for 9 TV stations, including KGTV in San Diego

Television station and newspaper owner The E.W. Scripps Co. said Monday that it will pay $212 million in cash for nine TV stations owned by The McGraw-Hill Cos.

Four stations included in the deal are ABC network affiliates: KMGH in Denver, WRTV in Indianapolis, KGTV in San Diego and KERO in Bakersfield. The rest of the stations in the deal are low-power affiliates of Spanish-language network Azteca America in San Diego and four other cities.

With the addition, Scripps will own 10 ABC affiliates and a total of 19 TV stations.

Scripps, which is based in Cincinnati, said the stations had $97 million in revenue last year. They employ 460 people.

New York-based McGraw-Hill said in September that it plans to split into two publicly traded companies, one focused on education and the other centered on financial markets and services, including credit ratings and research firm Standard & Poor's.

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