Scripps Media, Inc. agreed to acquire Wmyd Inc And WKBW-TV License, Inc. from Granite Broadcasting Corporation (OTCPK:GRRP) for $110 million in cash on February 9, 2014. The transaction is structured as a purchase of assets, and it will be funded with cash on hand; no debt financing will be required. The transaction is subject to Federal Communications Commission approval and customary closing conditions and is expected to close in the second quarter of 2014.

As on February 26, 2014, the anti-trust body granted early termination of the waiting period. Federal Communications Commission approved the transaction on May 2, 2014. The transaction is expected to be completed in quarter ending June 30, 2014.

It is expected to be accretive to earnings in the first full year Scripps operates the acquired stations. John R. Feore of Cooley LLP acted as legal advisor to Granite Broadcasting. Steven H. Goldberg of Baker & Hostetler LLP acted as legal advisor to Scripps Media.

Houlihan Lokey acted as financial advisor to Granite Broadcasting.