Just In: Scripps Selling Off Another Station

The E.W. Scripps Company has entered into an agreement to sell its Fort Myers, Florida-based Fox affiliate, WFTX, to Sun Broadcasting for $40 million.

Sun Broadcasting is a privately held company that owns and operates other radio and television stations within the Fort Myers-Naples market.

The transaction is expected to close in the fourth quarter, subject to regulatory and other customary approvals. The sale complies with current television station ownership rules and does not require any regulatory relief.

Scripps President and CEO Adam Symson stated that the company will use the cash proceeds from the sale to pay down its debt.

This sale follows a separate transaction announced in July, in which Scripps agreed to swap television stations in five other markets with Gray Media. That deal is currently under federal review and requires relief from current ownership regulations.