[December 30, 2020]
Scripps completes sale of WPIX
CINCINNATI, Dec. 30, 2020 /PRNewswire/ Â The E.W. Scripps Company (NASDAQ: SSP) closed today on the sale of WPIX to Mission Broadcasting Inc.
Scripps purchased WPIX as part of its acquisition of eight television stations in seven markets from Nexstar. Those stations were being divested in connection with Nexstar Media Group Inc. s (NASDAQ: NXST) acquisition of Tribune Media in September 2019.
In its purchase agreement with Nexstar, Scripps granted Nexstar the option to buy back WPIX. The option was exercisable from March 31, 2020, through the end of 2021. Nexstar assigned is option to Mission Broadcasting, and Mission has exercised the option.