Mission Broadcasting Acquires Scripps' WPIX
New York CW affiliate sells for $75 million
CINCINNATI—E.W. Scripps has announced that its New York CW affiliate, WPIX, has been purchased for $75 million by Mission Broadcasting.
The deal happened as a result of some business trading. The option to purchase the station was transferred from Nexstar Media Group Inc. to Mission Broadcasting, which then exercised that option.
The option price is $75 million plus accrued interest, which will be calculated between the Sept. 19, 2019, purchase date of WPIX by Scripps and the option sale closing date.
Scripps originally purchased WPIX as part of its acquisition of eight TV stations in seven markets from Nexstar as the company needed to divest as a result of its acquisition of Tribune Media. The purchase agreement gave Nexstar the option to buy back WPIX between March 31, 2020, and the end of 2021. Nexstar subsequently assigned its option to Mission Broadcasting.
The transaction, pending a definitive purchase agreement and FCC approval, is expected to close later this year.
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