RTTNews | Jul 13, 2020 08:58AM EDT

08:58 Monday, July 13, 2020 (RTTNews.com) - E.W. Scripps Co. (SSP) said it has been informed that Nexstar Media Group Inc. (NXST) has transferred its option to purchase Scripps' New York CW affiliate WPIX to Mission Broadcasting Inc. and that Mission has exercised its option to purchase the station. The option price is $75 million plus accrued interest.

Scripps bought WPIX as part of its acquisition of eight television stations in seven markets from Nexstar. The stations were being divested in connection with Nexstar's 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 transaction is expected to close later this year.

E.W. Scripps said it plans to use cash from the sale of Stitcher, the presidential election year political ad revenue and the sale of WPIX to pay down debt.

Earlier today, E.W. Scripps has reached an agreement with SiriusXM to sell Stitcher for $325 million. The transaction is expected to close in the third quarter.

Read the original article on RTTNews ( https://www.rttnews.com/3110502/nexstar-assigns-its-option-to-mission-broadcasting-to-buy-scripps-wpix.aspx)

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