More Consolidation, More Job Losses and Fewer Choices for Viewers.
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Scripps has entered into an agreement to purchase WTVQ, the ABC affiliate in Lexington, from Morris Network, Inc. The sale price is $15.8 million, a figure notably lower than historical valuations for stations in markets of this size.
Once approved, Scripps will operate a duopoly in the Lexington market, as the company already owns the local NBC affiliate, WLEX. In line with Scripps’ recent corporate strategy of maintaining "lean" station operations, the company will consolidate the two stations into a single operational unit.
This move is expected to result in the following:
Workforce Reductions: Integration of departments will lead to layoffs as redundant positions across the two stations are eliminated.
Reduced Media Plurality: The consolidation effectively removes an independent news voice from the market, reducing the number of local broadcast news choices available to viewers.
While Scripps CEO Adam Symson characterized the acquisition as a way to "strengthen financial durability," the deal follows a period of significant portfolio churning for the company. This includes the recent sale of WFTX in Ft. Myers and the pending sale of WRTV in Indianapolis, alongside a station swap with Gray Media.
The WTVQ transaction is subject to federal regulatory approval. During the interim period, Scripps will begin overseeing WTVQ’s programming and marketing via a local programming and marketing agreement (LMA).
