Entravision Acquires Scripps TV Stations for $14.25M
Ticker: EVC · Form: 8-K · Filed: Jul 5, 2024 · CIK: 1109116
Sentiment: neutral
Topics: acquisition, assets, broadcasting
TL;DR
Entravision just bought two TV stations from Scripps for $14.25M. Big move for them.
AI Summary
Entravision Communications Corp. announced the completion of its acquisition of certain assets from The E.W. Scripps Company on June 28, 2024. This transaction involves the acquisition of television stations in San Diego, California, and Tucson, Arizona, for a total purchase price of $14.25 million.
Why It Matters
This acquisition expands Entravision's media footprint in key markets, potentially increasing its advertising revenue and market share.
Risk Assessment
Risk Level: medium — The acquisition involves a significant financial outlay and integration risks, which could impact Entravision's financial performance.
Key Numbers
- $14.25M — Purchase Price (Total amount paid for the acquired assets from E.W. Scripps.)
Key Players & Entities
- Entravision Communications Corp. (company) — Acquiring company
- The E.W. Scripps Company (company) — Selling company
- $14.25 million (dollar_amount) — Purchase price
- June 28, 2024 (date) — Closing date of acquisition
- San Diego, California (location) — Location of acquired asset
- Tucson, Arizona (location) — Location of acquired asset
FAQ
What specific assets were acquired from The E.W. Scripps Company?
The filing indicates the acquisition of television stations in San Diego, California, and Tucson, Arizona.
What was the total purchase price for these assets?
The total purchase price for the acquired assets was $14.25 million.
On what date was the acquisition completed?
The acquisition was completed on June 28, 2024.
Which company is the seller in this transaction?
The seller is The E.W. Scripps Company.
What is Entravision Communications Corp.'s primary business?
Entravision Communications Corp. is primarily involved in television broadcasting stations.
Filing Stats: 538 words · 2 min read · ~2 pages · Grade level 13.2 · Accepted 2024-07-05 06:05:31
Key Financial Figures
- $16.4 million — justments, received at the closing were $16.4 million. Immediately after the closing, an amou
- $6.5 million — y after the closing, an amount equal to $6.5 million of the proceeds was paid by the Company
Filing Documents
- evc-20240628.htm (8-K) — 38KB
- evc-ex99_1.htm (EX-99.1) — 552KB
- img19211347_0.jpg (GRAPHIC) — 18KB
- 0000950170-24-081768.txt ( ) — 747KB
- evc-20240628.xsd (EX-101.SCH) — 24KB
- evc-20240628_htm.xml (XML) — 5KB
01 Completion of Acquisition or Disposition of Assets
Item 2.01 Completion of Acquisition or Disposition of Assets. On June 28, 2024, Entravision Communications Corporation (the "Company") completed the previously-announced sale of its Entravision Global Partners business (the "Business") to IMS Internet Media Services, Inc. ("IMS"), pursuant to an Equity Purchase Agreement entered into on June 13, 2024 among the Company, Entravision Digital Holdings, LLC ("Seller") and IMS. Cash proceeds from the transaction, net of working capital and other adjustments, received at the closing were $16.4 million. Immediately after the closing, an amount equal to $6.5 million of the proceeds was paid by the Company to the parties who sold MediaDonuts Pte. Ltd. to Seller on July 1, 2021 (the "MediaDonuts Founders"), pursuant to a previously-disclosed Assignment, Assumption and Release Agreement dated June 13, 2024 among the Company, Seller, IMS and the MediaDonuts Founders.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (b) Pro Forma Financial Information. The Company's unaudited pro forma consolidated financial information giving effect to the sale of the Business is attached hereto as Exhibit 99.1 and incorporated herein by reference. (d) Exhibits 99.1 Unaudited Pro Forma Consolidated Financial Statements 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Entravision Communications Corporation Date: July 5, 2024 By: /s/ Michael Christenson Michael Christenson, Chief Executive Officer