Scripps Shares Surge on Strategic Broadcast Station Divestment

Shares of media company Scripps experienced a significant rally following the announcement that it has finalized the sale of a local television station. The company confirmed the divestiture of its Fox-affiliated WFTX station in Fort Myers to Sun Broadcasting for a total of $40 million in cash. All proceeds from the transaction are earmarked for debt reduction.

The deal, which was closed yesterday, will see the station transferred to Sun Broadcasting, a private operator already established within the Fort Myers-Naples market. Pending standard regulatory approvals, the transaction is expected to be finalized during the fourth quarter of 2025. Notably, the sale does not require any special waivers related to existing ownership regulations.

Adam Symson, President and CEO of Scripps, stated that Read more...