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SCRIPPS HOWARD BROADCASTING TO SELL MEMPHIS RADIO, TV STATIONS

 CINCINNATI, July 19 /PRNewswire/ -- Scripps Howard Broadcasting (NASDAQ: SCRP) has reached an agreement to sell its Memphis television and radio stations to Atlanta-based Ellis Communications, Inc. for $65 million.
 Included in the sale are WMC-TV Channel 5, an NBC affiliate, and radio stations WMC-AM 790 and WMC-FM 99.7.
 "Our goal was to obtain the best possible deal for the Memphis radio stations, and that we did with great success," said Lawrence A. Leser, president and chief executive officer. "However, we also received an unsolicited and outstanding offer for the television station, which then opened up the possibility of all three WMC stations remaining under common ownership."
 The three stations are housed in the same building on Union Avenue in downtown Memphis and share a transmitter facility, factors that would have presented logistical challenges to separate ownership.
 "Our decision to sell WMC-TV was the result of a unique situation, not an indication of our feelings toward television stations," Leser said. "Broadcast television has held a prominent position in this company for nearly 50 years, and that's not about to change."
 Because the WMC broadcast stations are controlled by the same entity that owns the daily newspaper in Memphis, and the sale of the stations will alleviate cross-ownership in the market, the Company expects to receive a "tax certificate" from the Federal Communications Commission. The certificate would permit the Company to defer taxes owed on the gain from the sale of the stations if the proceeds are reinvested in similar businesses.
 "That made the offer particularly attractive," Leser said.
 Earlier this year, the Company announced plans to leave the radio business. It's currently negotiating the sale of its remaining radio operations: KUPL AM and FM in Portland, Ore.; and WVRT-FM, in Baltimore.
 All sales are subject to approval by the Federal Communications Commission.
 Following the sale of WMC-TV and the radio station group, Scripps Howard Broadcasting will operate three NBC television affiliates, in Baltimore, West Palm Beach, Fla., and Tulsa, Okla.; three fox affiliates, in Phoenix, Tampa, Fla., and Kansas City, Mo.; two ABC affiliates, in Detroit and Cleveland; and one CBS affiliate in Cincinnati. The Company's cable systems have 282,600 basic subscribers in three states.
 Scripps Howard Broadcasting is an 86 percent-owned subsidiary of The E.W. Scripps Company (NYSE: SSP).
 -0- 7/19/93
 /CONTACT: Rich Boehne of Scripps Howard Broadcasting, 513-977-3826/
 (SCRP SSP)


CO: Scripps Howard Broadcasting ST: Ohio IN: TLS SU:

LC -- CL026 -- 3296 07/19/93 18:18 EDT
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Publication:PR Newswire
Date:Jul 19, 1993
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