Scripps closes $83M WRTV sale, raises $123M for $54M ION deal
Scripps sold its Indianapolis ABC affiliate WRTV for $83 million and its Fort Myers Fox affiliate for $40 million, generating $123 million for debt paydown and reinvestment. Proceeds will fund a pending $54 million purchase of 23 ION-affiliated stations, immediately accretive to segment profit and subject to FCC waivers.
1. Station Sales Completed
Scripps closed the sale of its ABC-affiliated WRTV station in Indianapolis to Circle City Broadcasting for $83 million, following the $40 million sale of its Fox-affiliated WFTX station in Fort Myers, Florida, to Sun Broadcasting. Combined proceeds from both transactions totaled $123 million.
2. Use of Proceeds and Acquisitions
The company intends to allocate the $123 million toward debt paydown and the acquisition of 23 ION-affiliated stations at an aggregate purchase price of approximately $54 million, expected to be immediately accretive to its Networks segment profit and margin.
3. Regulatory Approvals and Station Swap
Scripps has applied for Federal Communications Commission ownership rule waivers to complete the ION station acquisitions and is awaiting regulatory approval for a separate station swap with Gray Television in five Mountain West markets, which aims to strengthen its competitive position in those regions.