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

1. Scripps sells WFTX station to Sun Broadcasting for $40 million. 2. Transaction expected to close in Q4 after regulatory approvals. 3. Cash from sale will be used to reduce Scripps' debt. 4. Scripps aims to enhance financial profile through this divestiture. 5. A prior station swap with Gray Media is under federal review.

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FAQ

Why Bullish?

The sale improves Scripps' capital structure and financial flexibility, reminiscent of past successful divestitures.

How important is it?

The strategic sale indicates Scripps' focus on financial health and efficient asset management.

Why Short Term?

Immediate cash flow from the sale aids in debt reduction, enhancing investor sentiment.

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CINCINNATI, Sept. 3, 2025 /PRNewswire/ -- 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.

Investor contact: Carolyn Micheli, The E.W. Scripps Company, (513) 977-3732, carolyn.micheli@scripps.com

Media contact:
Becca McCarter, The E.W. Scripps Company, (513) 410-2425, rebecca.mccarter@scripps.com

Forward-looking statements

This document contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "believe," "anticipate," "intend," "expect," "estimate," "could," "should," "outlook," "guidance," and similar references to future periods. Examples of forward-looking statements include, among others, statements the company makes regarding expected operating results and future financial condition. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on management's current beliefs, expectations, and assumptions regarding the future of the industry and the economy, the company's plans and strategies, anticipated events and trends, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties, and changes in circumstance that are difficult to predict and many of which are outside of the company's control. The company's actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause the company's actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: change in advertising demand, fragmentation of audiences, loss of affiliation agreements, loss of distribution revenue, increase in programming costs, changes in law and regulation, the company's ability to identify and consummate strategic transactions, the controlled ownership structure of the company, and the company's ability to manage its outstanding debt obligations. A detailed discussion of such risks and uncertainties is included in the company's Form 10-K, on file with the SEC, in the section titled "Risk Factors." Any forward-looking statement made in this document is based only on currently available information and speaks only as of the date on which it is made. The company undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments, or otherwise.

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." 

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SOURCE The E.W. Scripps Company

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