Scripps To Acquire ABC Affiliate WTVQ From Morris Network
(RTTNews) - The E.W. Scripps Co. (SSP), a media company, on Thursday agreed to acquire WTVQ, the ABC affiliate in Lexington, Kentucky, from Morris Network, Inc. for $15.8 million.
The stations carry an aggregate purchase price of about $54 million, with the deal expected to close later this year pending approvals.
The acquisition would create a duopoly in Lexington alongside Scripps' existing WLEX, the market's NBC affiliate.
The acquisition follows recent portfolio changes by Scripps. The company closed the sale of WFTX in Fort Myers, Florida, on Monday and expects to complete the sale of WRTV in Indianapolis in the coming weeks.
Separately, Scripps previously agreed to swap stations in five mid-sized and small markets with Gray Media.
Scripps also exercised an option to reacquire 23 ION-affiliated stations that were divested to INYO Broadcast Holdings during its 2021 acquisition of ION.
On Wednesday, The E.W. Scripps closed trading 5.12% higher at $4.1100 on the Nasdaq, further in the overnight trading 3.65% lesser at $3.9600.
