Scripps agrees to sell WFTX in Fort Myers-Naples to Sun Broadcasting for $40 million

CINCINNATI – The E.W. Scripps Company (NASDAQ: SSP) has reached an agreement to sell WFTX, its local Fox-affiliated station in Fort Myers, Florida, to Sun Broadcasting for $40 million.

Sun Broadcasting is a private broadcaster operating radio and television properties exclusively in the Fort Myers-Naples market.

Scripps anticipates closing the transaction in the fourth quarter following receipt of regulatory and other customary approvals. The transaction does not require relief from any of the current rules governing television station ownership.

Scripps intends to use cash from the sale of WFTX to pay down debt, Scripps President and CEO Adam Symson said.

“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,” Symson said. “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.”

In July, Scripps announced it had agreed to swap stations in five mid-sized and small markets with Gray Media. That transaction, which does require relief from current television station ownership rules, is now in front of federal regulators for review.

About Scripps:

The E.W. Scripps Company (NASDAQ: SSP) is a diversified media company focused on creating connection. As one of the nation’s largest local TV broadcasters, Scripps serves communities with quality, objective local journalism and operates a portfolio of more than 60 stations in 40+ markets. Scripps reaches households across the U.S. with national news outlets Scripps News and Court TV and popular entertainment brands ION, Bounce, Grit, ION Mystery, ION Plus and Laff. Scripps is the nation’s largest holder of broadcast spectrum. Scripps Sports serves professional and college sports leagues, conferences and teams with local market depth and national broadcast reach of up to 100% of TV households. Founded in 1878, Scripps is the steward of the Scripps National Spelling Bee, and its longtime motto is: “Give light and the people will find their own way.”