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FOX 17 under new ownership

Posted: 5:34 PM, Sep 19, 2019
Updated: 2019-09-19 17:34:29-04

GRAND RAPIDS, Mich. — WXMI – FOX 17 is now a part of The E.W. Scripps Company.

Here’s a statement from our new ownership:

The E.W. Scripps Company (NASDAQ: SSP) has closed its acquisition of eight television stations in seven markets divested from the Nexstar Media Group, Inc. (NASDAQ: NXST) transaction with Tribune Media (NYSE: TRCO).

The acquisition grows the Scripps local television station footprint to 60 stations in 42 markets, making it the nation’s fourth-largest independent broadcaster with a reach of 31% of U.S. TV households.

Since Jan. 1, Scripps has added 27 television stations to its portfolio, and it now expects 2020 company free cash flow to be in the range of $225 million to $250 million.

The stations diversify Scripps’ affiliate relationships, expand its political advertising footprint and bring durability and geographic reach to its television station portfolio.

The stations joining Scripps’ television portfolio today are:

  • WPIX, the CW affiliate in New York City. (Scripps has granted Nexstar the option to buy back WPIX in New York City. The option is exercisable from March 31, 2020, through the end of 2021.)
  • KASW, the CW affiliate in Phoenix (which joins the Scripps ABC affiliate there)
  • WSFL, the CW affiliate in Miami–Fort Lauderdale (adjacent to the Scripps NBC affiliate in West Palm Beach, Florida)
  • KSTU, the Fox affiliate in Salt Lake City
  • WTKR, the CBS affiliate, and WGNT, the CW affiliate, in Norfolk, Virginia
  • WTVR, the CBS affiliate in Richmond, Virginia
  • WXMI, the Fox affiliate in Grand Rapids, Michigan

The eight stations deepen Scripps’ presence in Arizona, Florida, Michigan and New York. Scripps is adding its first stations in the No. 1 ranked DMA of New York City and the states of Virginia and Utah. It will now operate nine markets with more than one station, including in its second-largest market, Phoenix. 

Forward-looking statements
This document contains certain forward-looking statements related to the company’s businesses that are based on management’s current expectations. Forward-looking statements are subject to certain risks, trends and uncertainties, including changes in advertising demand and other economic conditions that could cause actual results to differ materially from the expectations expressed in forward-looking statements. Such forward-looking statements are made as of the date of this document and should be evaluated with the understanding of their inherent uncertainty. A detailed discussion of principal risks and uncertainties that may cause actual results and events to differ materially from such forward-looking statements is included in the company’s Form 10-K on file with the SEC in the section titled “Risk Factors.” The company undertakes no obligation to publicly update any forward-looking statements to reflect events or circumstances after the date the statement is made.

About Scripps
The E.W. Scripps Company  (NASDAQ: SSP) serves audiences and businesses through a growing portfolio of local and national media brands. With 60 television stations in 42 markets, Scripps is one of the nation’s largest independent TV station owners. Scripps runs a collection of national journalism and content businesses, including  Newsy , the next-generation national news network; podcast industry leader  Stitcher ; the fast-growing national broadcast networks  Bounce Grit Escape Laff  and  Court TV ; and  Triton , the global leader in digital audio technology and measurement services. Scripps runs an award-winning investigative reporting newsroom in Washington, D.C., and is the longtime steward of the  Scripps National Spelling Bee . Founded in 1878, Scripps has held for decades to the motto, “Give light and the people will find their own way.”