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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowTelevision station and newspaper owner The E.W. Scripps Co. said Monday that it will pay $212 million in cash for nine TV stations, including WRTV in Indianapolis, owned by The McGraw-Hill Cos.
Four stations included in the deal are ABC network affiliates: WRTV, KMGH in Denver, KGTV in San Diego and KERO in Bakersfield, Calif. The rest of the stations in the deal are low-power affiliates of Spanish-language network Azteca America in California and Colorado.
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.
IBJ reported earlier this year that McGraw-Hill was shopping for a buyer for the nine stations.
WRTV has struggled in the ratings game against local competitors in recent years and hired a new general manager, news director and sales manager earlier this year.
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