Key Points
- Scripps is selling its Indianapolis ABC affiliate to Circle City Broadcasting for $83 million.
- The deal will create a triopoly in Indianapolis, where Circle City owns two other stations.
- The sale allows Scripps to continue paying down certain debt.
The E. W. Scripps Company will sell its Indianapolis ABC affiliate WRTV (Channel 6) to Circle City Broadcasting for $83 million, the broadcasters announced on Tuesday.
The deal will effectively create a triopoly in the Indianapolis market, where Circle City already owns the CW Network affiliate WISH (Channel 8) and independent station WNDY (Channel 23), if the sale received approval from the Federal Communications Commission (FCC).
“Circle City Broadcasting has an established presence in Indianapolis, led by media veterans who understand both the local community and the broadcast industry,” Adam Symson, the CEO of Scripps, said in a statement. “This strategic transaction allows Circle City Broadcasting to expand its service to Indiana communities while enabling Scripps to reduce debt and improve the durability of its local station portfolio over the long term.”
The agreement comes about a month after Scripps announced its intention to sell WFTX (Channel 36), its Fox affiliate in Fort Myers, Florida, to Sun Broadcasting for $40 million.
In both cases, the sales were motivated by Scripps’ desire to pay down certain debt attributed to the company. Earlier this year, Scripps refinanced two term loans that were due in 2026 and 2028, with the maturity dates of both loans extended to 2028 and 2029 respectively.
Scripps has been active in broadcast TV transactions since earlier this year, when new FCC Chairman Brendan Carr was appointed to the role by President Donald Trump. Carr has indicated a willingness to relax certain broadcast ownership rules that allow for larger-scale mergers and acquisitions among media companies.
In July, Scripps announced it was swapping certain TV-related assets with Gray Media in a handful of markets, including Lansing, Lafayette, Colorado Springs, Grand Junction and Twin Falls. In that situation, no cash exchanged hands, and the broadcasters already own stations in the affected markets, which makes regulatory approval easier to come by.
Scripps will report its earning for the third quarter (Q3) of the year in early November.
