Scripps Sells Shop at Home Stations9/26/2006 1:48 AM Eastern
E.W. Scripps is selling its five Shop at Home-affiliated TV stations to Multicultural Television Broadcasting for $170 million, officials said Tuesday.
Multicultural, based in New York, is acquiring WMFP-TV in Boston; WOAC-TV in Cleveland; WRAY-TV in Raleigh-Durham, N.C.; WSAH-TV in Bridgeport, Conn.; and KCNS-TV in San Francisco.
Scripps is selling the stations in the aftermath of its divestiture of the Shop at Home network earlier this year. Scripps sold the cable network, its assets and its Nashville, Tenn., studio to Jewelry Television for $17 million in June.
Multicultural is a new company formed by Multicultural Radio Broadcasting, a multiethnic media company with radio stations, cable- and satellite-TV operations, as well as print publications.
The sale of the TV stations is expected to be completed over the next nine months pending license transfers and other approvals by the Federal Communications Commission.