EW Scripps Buys Katz Networks, Says It Complements OTT Services

E.W. Scripps Co. bought Katz's four broadcast networks for $292 million, the buyer said in a news release Tuesday. “Bounce, Grit, Escape and Laff" all reach more than 80 percent of all U.S. households, it said. “A growing number of viewers are consuming content from new over-the-air networks as a complement to over-the-top services,” said Scripps CEO Rich Boehne. Scripps was a 5 percent owner of the business before the deal, which is expected to close in October, the release said. Katz founder Jonathan Katz “will continue to lead the Katz networks business” and the 130-employee company will remain in the Atlanta area, Scripps said. The Scripps move is confusing "when investors have growing concerns on the overall network TV industry" and "further M&A opportunities are likely to come up in broadcast with deregulation on the horizon," Wells Fargo analyst Marci Ryvicker emailed investors. Monday, Scripps Networks Interactive, which also has been partly controlled by the Scripps family, agreed to be bought by Discovery Communications (see 1707310062).