Scripps has reached an agreement to sell WFTX, its Fox affiliate station in Fort Myers, Florida, to local private radio and TV broadcaster Sun Broadcasting for $40 million.
The deal is expected to close in the fourth quarter, subject to regulatory and other customary approvals. Scripps noted it “does not require relief from any of the current rules governing television station ownership.”
Scripps president and CEO Adam Symson said the company would use cash from the WFTX sale to pay down its debt.
“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 added. “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.”
The sale comes after Scripps agreed to swap stations in five mid-sized and small markets with Gray Media back in July. That transaction, which does require 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.
