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

Rhea-AI Summary

Scripps (NASDAQ: SSP) has announced an agreement to sell its Fox-affiliated station WFTX in Fort Myers, Florida to Sun Broadcasting for $40 million. The transaction, expected to close in Q4 2025, will help Scripps reduce debt and optimize its station portfolio.

The sale to Sun Broadcasting, a private broadcaster with exclusive operations in the Fort Myers-Naples market, does not require relief from current television station ownership rules. This announcement follows Scripps' July agreement with Gray Media for a station swap in five markets, which is currently under regulatory review.

Positive

• None.

Negative

• Divestment of revenue-generating asset
• Reduction in market presence in Fort Myers-Naples area

Insights

Media Industry Financial Analyst

Scripps' $40M WFTX sale aims to reduce debt and optimize its station portfolio, showing strategic asset management.

Scripps' decision to sell its Fox-affiliated WFTX station in Fort Myers for $40 million represents a focused approach to portfolio optimization and balance sheet management. This transaction, expected to close in Q4 2025, comes shortly after Scripps announced a separate multi-market station swap with Gray Media in July, indicating an active reshaping of its broadcast holdings.

The $40 million deal is explicitly earmarked for debt reduction, which suggests management is prioritizing financial health amid the challenging economic environment for traditional media companies. CEO Adam Symson's statement about evaluating whether they're "the best owners" for certain stations signals a pragmatic approach to asset management rather than holding stations for sentiment or historical reasons.

The transaction's structure is financially clean – it doesn't require regulatory relief from television station ownership rules, unlike their Gray Media swap deal announced in July. This simplicity likely means faster execution and certainty of closing.

For investors, this sale represents a positive step in Scripps' financial management strategy. While the company is divesting an asset, the explicit focus on using proceeds to "improve our station portfolio's financial profile" suggests management is taking deliberate steps to strengthen their balance sheet and potentially position themselves for higher-returning opportunities in their core markets. The $40 million figure appears reasonable for a station in the mid-sized Fort Myers-Naples market (#53 in Nielsen DMA rankings).

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

FAQ

How much is Scripps selling WFTX Fort Myers for?

Scripps is selling WFTX to Sun Broadcasting for $40 million.

When will the Scripps WFTX sale close?

The transaction is expected to close in the fourth quarter of 2025, following regulatory and customary approvals.

What will Scripps (SSP) do with the proceeds from the WFTX sale?

Scripps plans to use the cash proceeds from the sale to pay down debt.

Who is buying WFTX from Scripps?

Sun Broadcasting, a private broadcaster operating radio and television properties exclusively in the Fort Myers-Naples market, is purchasing WFTX.

Does the Scripps WFTX sale require regulatory approval?

While the sale requires regulatory and customary approvals, it does not require relief from current television station ownership rules.