logo
Plus   Neg
Share
Email

Nexstar Assigns Its Option To Mission Broadcasting To Buy Scripps' WPIX

E.W. Scripps Co. (SSP) said it has been informed that Nexstar Media Group Inc. (NXST) has transferred its option to purchase Scripps' New York CW affiliate WPIX to Mission Broadcasting Inc. and that Mission has exercised its option to purchase the station. The option price is $75 million plus accrued interest.

Scripps bought WPIX as part of its acquisition of eight television stations in seven markets from Nexstar. The stations were being divested in connection with Nexstar's acquisition of Tribune Media in September 2019.

In its purchase agreement with Nexstar, Scripps granted Nexstar the option to buy back WPIX. The option was exercisable from March 31, 2020, through the end of 2021. Nexstar assigned its option to Mission Broadcasting, and Mission has exercised the option.

The transaction is expected to close later this year.

E.W. Scripps said it plans to use cash from the sale of Stitcher, the presidential election year political ad revenue and the sale of WPIX to pay down debt.

Earlier today, E.W. Scripps has reached an agreement with SiriusXM to sell Stitcher for $325 million. The transaction is expected to close in the third quarter.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
General Electric Co. filed a lawsuit against Siemens Energy AG, accusing the German power distribution company of stealing trade secrets for gas turbines. Siemens Energy allegedly used the information to get at least nine contracts to supply gas turbines to public utilities, and also covered up improper business gains. Following a court ruling, the U.S. Food and Drug Administration postponed the effective date for tobacco manufacturing companies to display new health warnings on cigarette packets and in advertisements, by additional 90 days. The warnings with color images is to promote greater public understanding of the negative health consequences of smoking. JPMorgan Chase & Co (JPM) reported strong results in the fourth quarter of 2020, with net profit up 42% largely driven by credit reserve releases of $2.9 billion. The Group said it ended the year with a CET1 ratio of 13.1% and capital above $200 billion, providing with meaningful capacity to further...
RELATED NEWS
Follow RTT