E.W. Scripps has reached an agreement to sell its Indianapolis ABC affiliate station WRTV to Circle City Broadcasting for $83 million.
Circle City Broadcasting is a privately held digital and news media company that is majority owned, controlled and operated by veteran broadcaster DuJuan McCoy, the former owner of Bayou City Broadcasting. The company operates the CW’s Indianapolis affiliate WISH and the MyNetwork affiliate WNDY, as well as Circulus Digital Media.
“Circle City Broadcasting has an established presence in Indianapolis, led by media veterans who understand both the local community and the broadcast industry,” Scripps president and CEO Adam Symson said in a statement. “This strategic transaction allows Circle City Broadcasting to expand its service to Indiana communities while enabling Scripps to reduce debt and improve the durability of its local station portfolio over the long term.”
“As a native of Indianapolis and career small business owner, I am pleased to be adding RTV6 to Circle City Broadcasting’s existing news brands, which will create value for both our company as well as the hometown community we serve,” McCoy added.
The transaction will close following receipt of regulatory and other customary approvals.
The WRTV sale comes on the heels of Scripps reaching an agreement to sell WFTX to Sun Broadcasting for $40 million in September. The latter deal is expected to close in the fourth quarter, with the proceeds being used to pay down Scripps’ debt.
In addition, Scripps agreed to swap stations in five mid-sized and small markets with Gray Media in July. That transaction, which requires relief from current television station ownership rules, is now in front of federal regulators for review.
Scripps operates a portfolio of more than 60 stations in over 40 markets.
In addition to Scripps, Allen Media Group is selling stations in ten markets to Gray Media for $171 million, which is expected to close in the fourth quarter pending regulatory approval.
Nexstar Media Group is also seeking regulatory approval on a pending $6.2 billion merger with rival Tegna, which would give a combined company a total of 265 stations, representing a reach of approximately 80% of U.S. households.
Sinclair has also launched a strategic review of its broadcast business, which will evaluate opportunities for acquisitions, strategic partnerships and business combinations.
Potential partners could include those in the broadcast and the broader media and technology ecosystem. The company will also evaluate the benefits of separating its ventures through a “spin-off, split-off, or other transaction.”
In August, the company sold its local news service NewsOn to Zeam for an undisclosed amount.
