E.W. Scripps Agrees $15.8M Lexington TV Station Purchase; Executives Buy Shares
Shares of E.W. Scripps rose 8.7% after it agreed to buy ABC affiliate WTVQ in Lexington, KY, for $15.8M, creating a duopoly with its existing NBC affiliate WLEX. CEO Adam Symson and director Charles Barmonde bought 26,900 and 40,000 shares, respectively, signaling leadership confidence.
1. Acquisition of WTVQ Station
E.W. Scripps agreed to purchase WTVQ, the ABC affiliate in Lexington, Kentucky, from Morris Network for $15.8 million. The deal creates a duopoly with Scripps’s existing NBC affiliate WLEX, enhancing market share and offering potential cost synergies in local advertising operations.
2. Insider Stock Purchases
CEO Adam Symson acquired over 26,900 shares while director Charles L. Barmonde bought 40,000 shares following the announcement. These purchases reflect management’s strong confidence in the strategic and financial upside of the Lexington expansion.
3. Market Reaction and Performance
Shares jumped 8.7% in afternoon trading on news of the acquisition and insider buying. The stock has seen 67 moves exceeding 5% in the past year, is up 12.3% year-to-date at $4.44, and remains 9.5% below its 52-week high of $4.90.