The E.W. Scripps Company announced October 3rd it was buying the television broadcast properties of McGraw-Hill for $212-million in cash. The deal includes San Diego ABC affiliate KGTV and Azteca America affiliate KZSD-LP as well as Bakersfield ABC affiliate KERO and Azteca America affilate KZKC-LP.
McKinnon Broadcasting, owners of KUSI had made a bid on the California properties of McGraw-Hill, but was unsuccessful.
McGraw-Hill said in so many words that it wanted a more profitable and less diversified portfolio for its investors. McGraw-Hill bought KGTV and several other stations from Time-Life Television in 1972 when the local station was still an NBC affiliate.
Scripps owns several ABC affiliates around the country including KNXV Phoenix.