The E.W. Scripps Company (SSP) announced Wednesday that it has agreed to sell WFTX, its Fox-affiliated television station in Fort Myers, Florida, to Sun Broadcasting for $40 million. Sun Broadcasting, a privately held broadcaster, operates radio and TV stations exclusively in the Fort Myers-Naples market.
The transaction is expected to close in the fourth quarter, pending regulatory and customary approvals, and does not require waivers from current television ownership rules. Scripps plans to use proceeds from the sale to reduce debt, according to President and CEO Adam Symson.
The move follows a July announcement that Scripps would swap stations with Gray Media in several smaller markets, a deal currently under federal review.
SSP is currently trading at $2.88, up $0.0050 or 0.17 percent on the Nasdaq.
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