Cordillera Communications said Monday it will sell all but one of its television stations to the E.W. Scripps Co., including the CBS affiliate KPAX in Missoula.
The purchase price is $521 million.
“Our stations are as strong as they’ve been across any point in our 32-year history,” Terry Hurley, president of Cordillera, said in a press release issued Monday.
“We’ve had a good run, and we’re proud of how our stations have excelled over the years. We’re also heartened to know they’ll continue to be in exceptional hands.”
The deal includes six stations in Montana, including the CBS affiliates KTVQ in Billings; KXLF and KBZK in Butte and Bozeman; KRTV in Great Falls; and KXLH in Helena. It also includes the NBC affiliates KTVH in Helena and KTGF in Great Falls.
Stations in Colorado, California, Texas, Louisiana and Kentucky are also included. The deal grows Scripps’ station footprint to 51 stations in 36 markets, reaching 21 percent of U.S. television households, according to the company.
Scripps promotes itself as the one of the nation’s largest independent TV station owners. The 10 markets include around 700 employees
“They are poised to grow the stations and empower them to compete in this changing media landscape, and, more importantly, they will provide a great home and opportunities for the dedicated employees of Cordillera,” Hurley said.
The purchase of KPAX marks the second major acquisition of a local television station in less than two years. Sinclair Broadcast Group purchased Bonten Media Group Holdings last year, a deal that included KECI in Missoula.