EW Scripps claims Katz nets for $292m

The EW Scripps Company in the US has agreed a US$292m deal to buy Katz broadcast networks Bounce, Grit, Escape and Laff.

Jonathan Katz

African-American-targeted network Bounce TV was the first to launch in 2011 and was followed by male-skewing Grit and investigation channel Escape in 2014.

Laff, touted as the first over-the-air network in the US devoted to comedy around the clock, went live in 2015.

The four networks claim to reach more than 80% of all US households and were launched by former Turner Broadcasting exec Jonathan Katz, who will continue to lead the business. 

“In today’s fragmented television ecosystem, a growing number of viewers are consuming content from new over-the-air networks as a complement to over-the-top services,” said Rich Boehne, EW Scripps chairman, president and CEO.

Boehne, who is retiring later this month and will be replaced by current chief operating officer Adam Symson, added that the acquisition “will increase our opportunity to serve the nation’s largest advertisers, who see tremendous value in the networks’ content and the large, targeted audiences they draw.”

EW Scripps already held a 5% stake in the company, which has around 130 employees and will remain based in the Atlanta area.

The four networks are forecast to generate around US$180m in revenue and about US$30m in segment profit in 2018. The transaction is expected to close in October.