E.W. Scripps Buys Katz Networks in $302M Deal

Station group will own Katz's four multicast networks — Bounce, Grit, Escape and Laff
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Making a $302 million investment in multicasting, E.W. Scripps has acquired Katz Broadcasting’s four networks — Bounce, Grit, Escape and Laff, the company announced Tuesday.

Scripps already owned 5% of the business, making its net purchase price $292 million, the company said.

Related: Discovery to Buy Scripps Networks Interactive for $14.6B

Each of the four networks reach more than 80% of the country, Scripps said.

Bounce, the African-American oriented network, in particular has been a leader in multicasting, featuring a slate of original programming — still a rarity for the medium. Last November it launched OTT service Brown Sugar. Grit features western and action films. Escape is focused around mystery and investigative programming. Laff is a comedy network.

Founder Jonathan Katz will continue to lead the Katz networks' business. The company, with about 130 employees, will remain based in the Atlanta area, Scripps said.

Read more at broadcastingcable.com.