Palantir to report; Trump on Nvidia chip exports - what’s moving markets
Investing.com -- The E.W. Scripps Company (NASDAQ:SSP) stock rose 4% after the media company announced an agreement to sell its Indianapolis ABC affiliate, WRTV, to Circle City Broadcasting for $83 million.
The transaction represents another step in Scripps’ ongoing portfolio optimization strategy, which has included several recent station sales. Circle City Broadcasting, a privately held digital and news media company majority owned by veteran broadcaster DuJuan McCoy, already operates two television properties in the Indianapolis market - WISH (CW affiliate) and WNDY (MyNetwork affiliate).
"Circle City Broadcasting has an established presence in Indianapolis, led by media veterans who understand both the local community and the broadcast industry," said Adam Symson, Scripps president and CEO. "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."
The deal follows two other strategic moves by Scripps in recent months. In September, the company announced an agreement to sell WFTX in Ft. Myers/Naples to Sun Broadcasting, with that transaction expected to close in the fourth quarter. In July, Scripps agreed to a station swap with Gray Media involving five mid-sized and small markets, which is currently under regulatory review.
The WRTV sale will close following receipt of regulatory and other customary approvals.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.