CINCINNATI—The E.W. Scripps Company has reached an agreement to purchase WTVQ, the ABC affiliate in Lexington, Kentucky from Morris Network, Inc. for $15.8 million.
The deal for WTVQ would create a duopoly in Lexington with the company’s existing NBC affiliate, WLEX if the sale receives regulatory approval.
Scripps president and CEO Adam Symson says the acquisition would deepen the company’s commitment to the Lexington market.
“Whether through swaps, divestitures or strategic acquisitions like this, Scripps is focused on seeking out the strongest opportunities to grow,” Symson said. “This acquisition would give us the scale and depth in Lexington to strengthen our financial durability and assign more reporters to neighborhoods throughout the area, enhancing our public service journalism and creating greater community connection across the market.”
The transaction requires federal regulatory and other approvals. While approval is pending, Scripps reported that it will provide certain programming, marketing and related services for WTVQ via a local programming and marketing agreement.
The deal comes at a time when the Federal Communications Commission has signaled that it is willing to revise ownership rules and broadcasters have stepped up their acquisitions of other stations.
The purchase of WTVQ in Lexington follows several strategic moves by Scripps in recent months to optimize its local television portfolio. On Monday, March 2, the company announced it closed on the sale of WFTX in Ft. Myers, Florida, and expects to close on the sale of WRTV in Indianapolis in the coming weeks.
Last July, the company 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.
In addition, Scripps has exercised its option to re-acquire 23 ION-affiliated stations that it divested to INYO Broadcast Holdings simultaneously with its acquisition of ION in January 2021.
