CINCINNATI—The E.W. Scripps Company announced that the sale of WFTX, its Fox-affiliated station in Fort Myers, Florida, to Sun Broadcasting for $40 million has been completed.
Scripps intends to use cash from the sale to pay down debt and strengthen its balance sheet, Scripps President and CEO Adam Symson said.
The completion of the WFTX sale is part of a series of recent transactions by Scripps to optimize its local television portfolio.
In October, the company announced an agreement to sell WRTV, its ABC-affiliated station in Indianapolis, to Circle City Broadcasting for $83 million. That sale has received FCC approval and is expected to close in the coming weeks.
Last July, Scripps also announced it had agreed to swap stations in five mid-sized and small markets with Gray Media. That transaction, which requires relief from current television station ownership rules, is now in front of federal regulators for review.
