Area broadcaster to buy Fort Myers Fox affiliate for $40M

A Southwest Florida TV and radio station firm, Sun Broadcasting, has agreed to a deal to acquire the Fox affiliate in Fort Myers for $40 million. 

Sun is buying the station, WFTX from the E.W. Scripps Co., according to a statement. Scripps anticipates closing the transaction in the fourth quarter, following receipt of regulatory and other customary approvals. The transaction does not require relief from any of the current rules governing television station ownership, the company adds. 

Sun Broadcasting lists nine radio and TV stations in its portfolio on its website. The list includes Fly 98.5; Fox Sports Radio; and WXCW-TV. 

Cincinnati-based Scripps, meanwhile, intends to use cash from the sale of WFTX to pay down debt, President and CEO Adam Symson says.  "The sale of WFTX to Sun Broadcasting will put the station in the hands of a locally based company with deep roots in the Southwest Florida community," Symson says in the release. "When opportunities like this arise, we evaluate our business strategies to determine whether we are the best owners for that station or whether a swap or sale makes the most sense. In this case, we believe WFTX and its viewers will be well cared for by the new owners, and Scripps is able to use the transaction to reduce debt and improve our station portfolio's financial profile."