Comcast to Buy Scripps Cable Television Unit : Media: $1.6-billion acquisition would make the firm the third-largest U.S. cable operator.

Comcast Corp. said Sunday that it has agreed to buy E.W. Scripps Co.’s cable television operations for about $1.6 billion in stock.

With the acquisition, Comcast said, it would serve more than 4.3 million cable subscribers, making it the third-largest cable operator in the United States.

Philadelphia-based Comcast also said its board has authorized a buyback of $500 million worth of its common stock.

The E.W. Scripps properties, including one pending acquisition, serve about 800,000 subscribers in Sacramento; Chattanooga and Knoxville, Tenn., and other markets.

Cincinnati-based Scripps owns the Rocky Mountain News newspaper, network-affiliated TV stations and the United Media news and features syndicate.

“The acquisition of the Scripps cable properties represents a tremendous opportunity for Comcast and its shareholders,” Comcast President Brian Roberts said in a statement.

Comcast said it expects to issue 78.5 million shares valued at $20.075 apiece, subject to adjustment.

Scripps said the Comcast offer represents a price of $19.68 for each Scripps share. It would be accomplished through a tax-free distribution to Scripps shareholders of one share of Comcast Class A stock and one share in a new E.W. Scripps company consisting of remaining Scripps businesses.

The company said the new E.W. Scripps would trade under the same ticker symbol as previously and would be made up of three divisions--newspaper, broadcast television and entertainment.

The sale is subject to approval by shareholders and regulators. If they approve, it is expected to close in the second half of 1996, Comcast said.