WPIX Sold to Mission Broadcasting

PIX 11

Scripps has completed its offloading of WPIX to Mission Broadcasting after Nexstar assigned its purchase option to the company.

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 its option to Mission Broadcasting, and Mission has exercised the option.

The company intends to use cash from the sale to help finance the acquisition of ION Media, Scripps Executive Vice President and Chief Financial Officer Lisa Knutson said.

That deal is expected to close in early 2021.