The E.W. Scripps Co. has agreed to buy Lafayette ABC affiliate KATC TV3 and 14 other stations previously owned by Cordillera Communications, the company announced Monday morning.
Cordillera announced it will sell 15 of its 16 stations to Scripps in a $521 million deal and sell its Tucson station to Quincy Media, Inc. Sales are pending federal regulatory approvals.
The transactions come after an auction process that generated significant interest nationwide, Cordillera officials said in a statement. Cordillera is the broadcasting arm of Evening Post Industries. The parent company, founded in 1896, also owns newspapers and other media companies and also non-media interests including commercial real estate, hospice care and pharmaceutical sales.
“Our stations are as strong as they’ve been across any point in our 32-year history,” said Terry Hurley, president of Cordillera. “We’ve had a good run, and we’re proud of how our stations have excelled over the years. We’re also heartened to know they’ll continue to be in exceptional hands.”
Both deals are expected to be completed by close of first quarter 2019.
Minnesota-based Cordillera has owned KATC since 1995.
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KLFY, the CBS affiliate in Lafayette, is owned by Nexstar Media Group. Nexstar also owns WVLA (NBC) and WGMB (Fox) in Baton Rouge, plus stations in Alexandria, Monroe and Shreveport.
According to KATC, if the deal goes through Scripps would have 51 television stations in 36 markets that reach nearly 21 percent of U.S. households with a television. Those 51 stations will include 18 ABC stations, 11 NBC stations, seven CBS stations, and two Fox stations.
KATC has a news sharing agreement with The Advocate.