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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.
Posted In: SSP
