Court TV Acquired by New Owner, Continues Live Trial Coverage
In a significant shift for the legal broadcasting landscape, Court TV has been acquired by a new owner intending to enhance its streaming presence. E.W. Scripps, the previous owner, reached an agreement to sell the channel to the parent company of Law&Crime. This deal signals a growing focus on digital platforms in the media industry.
Court TV: Transitioning to Digital Media
Law&Crime, founded by legal analyst Dan Abrams in 2015, boasts over eight million subscribers on YouTube. It offers a variety of programming, including live trial coverage, commentaries, and crime documentaries. This acquisition aligns with Court TV’s existing cable offerings and is supported by a three-year distribution agreement with Scripps.
Details of the Acquisition
- The deal values Court TV at under $125 million.
- Law&Crime will retain around a dozen employees from Court TV.
- Court TV has over 50 employees currently.
According to Dan Abrams, the focus will shift toward developing content specifically for YouTube and social media platforms. This strategic move aims to transition from a legacy media company to a digital-first business model.
Implications for Scripps and the Media Landscape
As of late, Scripps has experienced a significant drop in its stock value, declining about 95% over the past year. This downturn is attributed to a growing trend of viewers opting for streaming services over traditional cable television. Scripps also faces considerable debt of approximately $2.7 billion and is currently resisting a takeover bid from rival Sinclair Broadcast Group.
Since acquiring Court TV from Turner Broadcasting in 2018, Scripps has covered prominent trials, including the highly publicized Depp vs. Heard defamation case and the Alex Murdaugh murder trial. In a statement regarding the sale, Adam Symson, Scripps’ president and CEO, expressed that the decision aligns with the company’s strategy to solidify its financial position and focus on future growth.
Future of Court TV and Law&Crime
After the acquisition, Court TV will enhance its emphasis on trial coverage, while Law&Crime will pivot towards true-crime dramas. Abrams reflected on the industry’s evolution, noting that today’s acquisitions often involve digital-first companies taking on traditional media properties.
As Court TV continues its legacy of courtroom coverage, the new ownership promises to transform its approach by embracing a digital-first strategy. The legal broadcasting sector is poised for exciting developments as these changes unfold.
