Scripps’ acquisition of WTVQ would create a duopoly in Lexington with the company’s existing NBC affiliate, WLEX.
Scripps President and CEO Adam Symson said the deal reflects the company’s broader strategy to grow its local television portfolio.
“Whether through swaps, divestitures or strategic acquisitions like this, Scripps is focused on seeking out the strongest opportunities to grow,” Symson said. “This acquisition would give us the scale and depth in Lexington to strengthen our financial durability and assign more reporters to neighborhoods throughout the area, enhancing our public service journalism and creating greater community connection across the market.”
The transaction requires federal regulatory and other customary approvals. While approval is pending, Scripps will provide certain programming, marketing and related services for WTVQ via a local programming and marketing agreement.
The purchase of WTVQ follows several recent strategic moves by Scripps to optimize its local television portfolio. On Monday, March 2, the company announced it closed on the sale of WFTX in Fort Myers, Florida, and expects to close on the sale of WRTV in Indianapolis in the coming weeks.
Last July, Scripps announced it had agreed to swap stations in 5 mid-sized and small markets with Gray Media. That transaction, which requires relief from current television station ownership rules, is now before federal regulators for review.
In addition, Scripps has exercised its option to re-acquire 23 ION-affiliated stations that it divested to INYO Broadcast Holdings simultaneously with its acquisition of ION in January 2021. Ownership of these INYO stations would be immediately accretive to Scripps Networks division segment profit and margin. The current aggregate purchase price is approximately $54 million pending timing of a deal close, which is expected later this year. The divestitures were required at the time to comply with Federal Communications Commission ownership rules, and Scripps will seek waivers from the FCC to the extent such rules are still in effect.
