Scripps Sale of Nexstar Divestiture WPIX to Mission Broadcasting Final
E.W. Scripps’ sale of WPIX New York to Nexstar sidecar Mission Broadcasting has closed, said Scripps in a news release Wednesday. Nexstar divested WPIX to Scripps as part of its buy of Tribune but kept an option to buy back…
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WPIX. The option was to expire at the end of 2021. Nexstar assigned that option to Mission, which has now purchased the station. Nexstar CEO Perry Sook said on an investor call in 2019 that Nexstar's buying back WPIX would require a “triggering event” such as a rule change (see 1909200048). Scripps “intends to use cash from the sale to help finance the acquisition of ION Media,” said the release. That deal is expected to close in early 2021, the release said.