Scripps to sell WFTX to Sun Broadcasting for $40M

The E.W. Scripps Company has agreed to sell WFTX, its Fox-affiliated station in Fort Myers, Florida, to Sun Broadcasting for 40 million dollars. The transaction is expected to close in the fourth quarter, pending regulatory and customary approvals.

Sun Broadcasting is a privately held broadcaster with radio and television properties concentrated in the Fort Myers–Naples market. The deal complies with existing federal ownership rules and does not require regulatory waivers.

Proceeds earmarked for debt reduction

Adam Symson, President and CEO, Scripps: "The sale of WFTX to Sun Broadcasting will put the station in the hands of a locally based company with deep roots in the Southwest Florida community. When opportunities like this arise, we evaluate our business strategies to determine whether we are the best owners for that station or whether a swap or sale makes the most sense. In this case, we believe WFTX and its viewers will be well cared for by the new owners, and Scripps is able to use the transaction to reduce debt and improve our station portfolio's financial profile."

Scripps plans to apply the proceeds from the sale toward debt repayment.

Recent activity in local TV markets

The sale follows another deal announced in July, when Scripps agreed to exchange stations in five mid-sized and small markets with Gray Media. That transaction is currently under review by federal regulators and requires relief from existing television ownership rules.

www.scripps.com

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