The E.W. Scripps Company reached an agreement to sell WFTX, its local Fox-affiliated station in the Fort Myers Naples market to Sun Broadcasting for $40 million.
Sun Broadcasting is a private broadcaster operating radio and television properties exclusively in the Fort Myers-Naples Florida 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.
“The sale of WFTX to Sun Broadcasting will put the station in the hands of a locally based company with deep roots in the Southwest Florida community,” Symson said. “When opportunities like this arise, we evaluate our business strategies to determine whether we are the best owners for that station or whether a swap or sale makes the most sense. In this case, we believe WFTX and its viewers will be well cared for by the new owners, and Scripps is able to use the transaction to reduce debt and improve our station portfolio’s financial profile.”
In July, Scripps announced it had agreed to swap stations in five mid-sized and small markets with Gray Media.
That transaction, which does require relief from current television station ownership rules, is in front of federal regulators for review.
