By Sabela Ojea
Shares of E.W. Scripps dropped after the broadcaster said it didn't seal a deal to sell its Bounce TV network.
The stock was down 36% to $2.27 in Monday trading. Shares have fallen 72% over the past 12 months.
The sale process for Bounce TV was moving along well, but last week the Cincinnati company realized it would be unable to come to terms with its prospective buyer that reflected the high-quality nature of the asset, Finance Chief Jason Combs said on a call with analysts.
"Interest in Bounce remains strong, and we plan to continue the process, with the goal of a 2025 transaction," Combs said.
E.W. Scripps acquired Bounce, an African-American-focused linear network, when it bought Katz Networks for a net purchase price of $292 million in 2017. In mid-April, it announced that a process was under way to explore the sale of Bounce TV.
The executive said that E.W. Scripps has also discussed the sale of real estate assets and currently has letters of intent for about $60 million in real estate transactions. In August, Combs said the company was looking to generate between $50 million to $100 million in cash proceeds from those real estate activities.
Write to Sabela Ojea at sabela.ojea@wsj.com
(END) Dow Jones Newswires
November 04, 2024 13:39 ET (18:39 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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