Scripps to acquire controlling interest in TV Food Network
CINCINNATI (AP) _ The E.W. Scripps Co. is buying the controlling interest in the TV Food Network from A.H. Belo Corp.
Scripps said Thursday it will receive 56 percent of the TV Food Network and $75 million in cash from Belo in exchange for KENS-TV, the CBS affiliate in San Antonio, Texas, and radio station KENS-AM.
The deal is subject to regulatory approval and the consent of the TV Food Network’s other partners. Also, Scripps is in the process of acquiring the KENS stations from Harte-Hanks Communications and must receive federal approval to transfer the broadcast licenses to Belo.
Scripps said the food network will fit with the Home & Garden Television network, Scripps’ 24-hour cable channel.
The TV Food Network, based in New York, began operating in 1993. It reaches more than 25 million homes across the country through cable television systems and direct broadcast satellite.
Its programming focuses on cooking and food preparation, nutrition and at-home entertaining and restaurants.
KENS-TV will bring Belo’s holdings to 17 network-affiliated TV stations and extend its reach to 13.1 percent of U.S. television households, the Dallas-based company said.