The chief executive of the E. W. Scripps Company has confirmed the broadcaster’s intentions to sell off its Black-centric network Bounce TV.
In a statement that accompanied a routine financial earnings disclosure on Thursday, Scripps CEO Adam Symson confirmed the broadcaster is “progressing nicely with our efforts to sell the Bounce TV network,” as well as certain unspecified non-strategic real estate assets.
CNBC previously reported Scripps had tapped an investment banker to explore the sale of Bounce TV, which it acquired with three other digital multicast networks as part of its purchase of Katz Broadcasting in 2017.
Bounce operates as a digital multicast network that is available on broadcast television stations across the country. A companion free, ad-supported streaming TV (FAST) channel called Bounce XL is available on platforms like Pluto TV, Xumo Play and Tubi, and simulcasts nearly all the same shows as the Bounce TV network, with some schedule modifications due to various rights issues.
Scripps says Bounce TV has grown its viewership since coming into the company’s portfolio several years ago. Revenue attributed to Bounce TV has a compound annual growth rate (CAGR) of 14 percent, Scripps affirmed.
The company did not say whether it had received any offers for Bounce TV, or how much it was looking to earn from a sale. It wasn’t clear if Scripps was weighing the divestiture of other networks. In addition to Bounce TV, Scripps owns the Ion TV network — through which it operates Scripps Sports — as well as multicast networks Laff, Grit, Court TV and Scripps News.
