Scripps completes sale of Triton to iHeartMedia

Rhea-AI Summary

The E.W. Scripps Company (NASDAQ: SSP) has finalized the sale of Triton to iHeartMedia (NASDAQ: IHRT) for $230 million, marking a significant move in its portfolio strategy. Scripps acquired Triton in 2018 for $150 million, and the divestment has allowed the company to nearly double its return on investment. The proceeds from this sale will be directed towards debt reduction. This transaction follows the earlier sale of podcast company Stitcher, signaling Scripps' exit from the podcasting and digital audio sectors and a renewed focus on growth in television.

Positive

• Sale of Triton for $230 million, nearly doubling the initial investment.
• Proceeds will be used for debt reduction, improving financial health.
• Strategic shift towards focusing on growth in the television business.

Negative

• None.

CINCINNATI, March 31, 2021 /PRNewswire/ -- The E.W. Scripps Company (NASDAQ: SSP) closed today on its sale of Triton to iHeartMedia (NASDAQ: IHRT) for $230 million.

Triton is the global technology and services leader for the digital audio and podcast industry. Scripps bought the company for $150 million in 2018, and it has been accretive to segment margins since then.

The sale of Triton completes Scripps' high-return exit from podcasting and digital audio. It sold podcast company Stitcher in October. Scripps nearly doubled its return on investments in both companies, and now it is focused on growth strategies in the television business.

The company intends to use proceeds from the Triton transaction toward debt reduction.  

About Scripps
The E.W. Scripps Company (NASDAQ: SSP) is a diversified media company focused on creating a better-informed world. As the nation's fourth-largest local TV broadcaster, Scripps serves communities with quality, objective local journalism and operates a portfolio of 61 stations in 41 markets. The Scripps Networks reach nearly every American through the national news outlets Court TV and Newsy and popular entertainment brands ION, Bounce, Grit, Laff and Court TV Mystery. Scripps is the nation's largest holder of broadcast spectrum. Scripps runs an award-winning investigative reporting newsroom in Washington, D.C., and is the longtime steward of the Scripps National Spelling Bee. Founded in 1878, Scripps has held for decades to the motto, "Give light and the people will find their own way."

View original content to download multimedia:http://www.prnewswire.com/news-releases/scripps-completes-sale-of-triton-to-iheartmedia-301259851.html

SOURCE The E.W. Scripps Company

FAQ

What was the sale price of Triton to iHeartMedia?

The sale price of Triton to iHeartMedia was $230 million.

What did Scripps originally pay for Triton?

Scripps originally acquired Triton for $150 million in 2018.

How will Scripps use the proceeds from the Triton sale?

Scripps will use the proceeds from the Triton sale for debt reduction.

What other company did Scripps sell prior to the Triton sale?

Prior to the Triton sale, Scripps sold the podcast company Stitcher.

What is E.W. Scripps Company's focus after selling Triton?

After selling Triton, E.W. Scripps Company is focused on growth strategies in the television business.