The E.W. Scripps Company said Tuesday it has reached a deal to sell its Fox affiliate in Fort Myers, Florida, to Sun Broadcasting in a transaction valued at $40 million.
The agreement will transfer ownership of WFTX (Channel 36, Fox) to Sun Broadcasting, a privately held broadcaster that operates several television and radio properties in the Fort Myers-Naples market. The sale is expected to close in the fourth quarter of this year, subject to approval from federal regulators.
Scripps said the divestiture does not require waivers under existing Federal Communications Commission (FCC) rules that govern broadcast ownership. Adam Symson, the President and CEO of Scripps, said proceeds from the sale of WFTX will be used to pay down the company’s debt.
“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 in a statement on Thursday. “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.”
Sun Broadcasting already operates several broadcast outlets in the region, including independent television stations WXCW (Channel 46, the CW Network) and WEVU-LD (Channel 4, Univision), along with a cluster of FM radio stations. Adding WFTX would expand its television footprint to include the market’s Fox affiliate.
The move comes as Scripps continues to reshape its broadcast portfolio. In July, the company announced a deal with Gray Media that involves swapping television stations in five mid-sized and small markets. That proposed transaction, which requires FCC relief from local ownership caps, is still under review by federal regulators.
Scripps currently operates more than 60 broadcast television stations in 40 markets across the country. The company has been active in station trades and sales as it seeks to optimize its portfolio and strengthen its balance sheet.
—
Read more:
