CINCINNATI—The E.W. Scripps Company has completed the previously announced sale of WRTV, its ABC-affiliated station in Indianapolis, to Circle City Broadcasting for $83 million.
The WRTV sale follows Scripps’ recent completion of the sale of WFTX, its Fox-affiliated station in Fort Myers, Florida, to Sun Broadcasting for $40 million.
Combined, the two transactions generated $123 million in cash proceeds, which the company says will be used toward debt paydown and the purchase of 23 ION-affiliated stations that it divested to INYO Broadcast Holdings in connection with its acquisition of ION in January 2021.
The current aggregate purchase price of the INYO stations is approximately $54 million pending timing of a deal close. Station ownership caps required Scripps to divest the stations when it acquired ION in 2021.
Scripps said that it will seek waivers from the FCC to the extent such rules are still in effect for the acquisition. Scripps also reported that ownership of the INYO stations would be immediately accretive to Scripps Networks division segment profit and margin, and would support coordination with Scripps’ other stations to develop potential new local programming opportunities.
Scripps also has an agreement to swap stations in five markets with Gray Television, a transaction that will strengthen Scripps’ competitive position in key Mountain West markets. That transaction, which requires relief from current television station ownership rules, is still in front of federal regulators for review.
