Assets Held for Sale

9 Months Ended

Sep. 30, 2025

Discontinued Operations and Disposal Groups [Abstract]

On September 3, 2025, we reached an agreement to sell WFTX, our local Fox-affiliated station in Fort Myers, Florida, to Sun Broadcasting for $40.0 million. The transaction will close upon satisfaction of closing conditions and expected regulatory approval.

The following table presents a summary of the WFTX assets held for sale included in our Condensed Consolidated Balance Sheets.


(in thousands)	As of September 30, 2025

Assets:
Total current assets	$	—
Property and equipment	11,334
Goodwill and intangible assets	25,240
Operating lease right-of-use assets	161
Other assets	203
Total assets held for sale	$	36,938

On April 30, 2025, we completed the sale of our West Palm Beach television station building to 110 Banyan LLC for cash consideration of $40.0 million and recognized a pre-tax gain from disposition of $31.4 million. With the asset sale, we also entered into a 2.5-year building lease with the buyer for cash consideration of $2.5 million annually.

Pending Transactions

On July 7, 2025, we entered into agreements with Gray Media, Inc. ("Gray"), to swap television stations across five markets. Upon completion of the transactions, we will acquire Gray's KKTV (CBS) in Colorado Springs, Colorado; KKCO (NBC) and low power station KJCT-LP (ABC) in Grand Junction, Colorado; and KMVT (CBS) and low power station KSVT-LD (Fox) in Twin Falls, Idaho. Gray will be acquiring WSYM (Fox) in Lansing, Michigan, and KATC (ABC) in Lafayette, Louisiana. The swap involves the even exchange of comparable assets. As a result, neither company will pay cash consideration to the other. The transaction will close upon satisfaction of closing conditions and necessary regulatory approvals.

In October 2025, we received authorization from our Board of Directors and reached agreement to sell WRTV, our local ABC-affiliated station in Indianapolis, Indiana, to Circle City Broadcasting for $83.0 million. The transaction will close following completion of financing, satisfaction of customary closing conditions and expected regulatory approval.