Scripps Completes Ion Media Deal, Inyo Divestiture After FCC Approval Dec. 15
E.W. Scripps completed its $2.65 billion deal to buy Ion Media from Black Diamond Capital Management, divesting 23 stations to the newly formed Inyo Broadcasting as part of the transaction, it said in a news release Thursday. The FCC approved the deal Dec. 15, with no public notice of the approval issued after no petitions to deny were filed, a broadcast industry official told us. Scripps is holding on to 48 of the stations and plans to combine Ion’s content with its Katz networks and Newsy for a “full-scale national television networks business,” the release said. “Bringing our networks together with ION will create a formidable national television business focused on connecting with audiences and advertisers in the rapidly evolving media landscape,” said Scripps CEO Adam Symson in the release.
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Inyo is headed by interim CEO John Chachas and Chief Operating Officer Louis Zachary, the managing principals of Methuselah Advisors, a media broker that worked with Scripps in the past and on this deal. Scripps didn't comment further, and the FCC didn’t comment.