E.W. Scripps to sell Indianapolis ABC station to Circle City for $83 million

CINCINNATI - The E.W. Scripps Company (NASDAQ:SSP) announced Tuesday it has reached an agreement to sell WRTV, its ABC-affiliated station in Indianapolis, to Circle City Broadcasting for $83 million, representing about 38% of the company’s current market capitalization of $218.4 million. According to InvestingPro data, the company currently trades at a notably low Price/Book ratio of 0.23, suggesting potential undervaluation.

The transaction, which requires regulatory and other customary approvals to close, represents Scripps’ third strategic television station deal in recent months.

Circle City Broadcasting, a privately held digital and news media company majority owned and operated by veteran broadcaster DuJuan McCoy, already operates two television properties in the Indianapolis market: WISH (CW affiliate) and WNDY (MyNetwork affiliate).

"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," said Adam Symson, Scripps president and CEO, according to the press release. The focus on debt reduction appears timely, as InvestingPro data shows the company carries total debt of $2.75 billion, though maintains a healthy current ratio of 1.27, indicating sufficient liquidity to meet short-term obligations.

McCoy, a native of Indianapolis, stated that adding RTV6 to Circle City Broadcasting’s existing news brands "will create value for both our company as well as the hometown community we serve."

The WRTV sale follows Scripps’ September announcement of an agreement to sell WFTX in Ft. Myers/Naples to Sun Broadcasting, expected to close in the fourth quarter. In July, the company also announced a station swap with Gray Media involving five markets, which is currently under regulatory review.

Scripps operates more than 60 stations across 40+ markets nationwide and also owns national news outlets Scripps News and Court TV, along with entertainment brands including ION, Bounce, and Grit. The company generates annual revenue of $2.44 billion and EBITDA of $553.24 million. For deeper insights into Scripps’ financial health and valuation metrics, investors can access the comprehensive Pro Research Report available on InvestingPro, which covers over 1,400 US stocks with detailed analysis and actionable intelligence.

In other recent news, E.W. Scripps Company reported its Q2 2025 earnings, which showed a notable miss on earnings per share (EPS) and a slight revenue shortfall. The company posted an EPS loss of $0.59, significantly below the anticipated loss of $0.21, and revenue of $540.08 million, which was slightly under the expected $544.58 million. Additionally, E.W. Scripps announced an agreement to sell its Fox-affiliated television station, WFTX, in Fort Myers, Florida, to Sun Broadcasting for $40 million. The transaction is anticipated to close in the fourth quarter of 2025, pending regulatory approvals. These developments are part of the company’s recent activities.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.