Mission Broadcasting closed its acquisition of WPIX-TV in New York from the E.W. Scripps Co.
Scripps acquired WPIX when it bought eight TV stations from Nexstar. Nexstar had to divest the stations after it purchased Tribune Media in Sept. 2019.
As part of its transaction with Scripps, Nexstar retained an option to buy back WPIX. Nexstar sold that option to Mission Broadcasting in July for $75 million.
Scripps said it plans to use cash from the sale to finance its acquisition of Ion Media. The Ion Media deal is expected to close early in 2021.
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Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.