The E.W. Scripps Company has reached an agreement to sell WFTX, its local Fox-affiliated television station in Fort Myers, Florida, to Sun Broadcasting for $40 million. This divestiture is part of Scripps' ongoing efforts to optimize its portfolio and manage its financial structure.
The sale of WFTX will provide Scripps with $40 million in cash proceeds. This capital can be utilized to further reduce the company's debt, which remains a top capital allocation priority for management.
This transaction reflects Scripps' strategic approach to enhancing its financial durability and positioning the company for future growth. The divestiture of non-core assets allows for a more focused allocation of resources towards key strategic initiatives, including debt reduction.
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