Fitch rates E.W. Scripps notes B

Fitch Ratings said it assigned a B/RR5 to E.W. Scripps proposed issuance of $400 million of senior notes due 2027.

Scripps' long-term issuer default rating is currently B+/outlook stable.

The company is expected to use net proceeds from the unsecured notes to help fund the acquisition of eight television stations in seven markets from Nexstar Media Group (Nexstar) and Tribune Media Co. (Tribune) for $580 million.

Nexstar is required to divest these station assets as part of a larger sale to comply with regulatory restrictions and close its planned merger with Tribune.

“Scripps has become more aggressively acquisitive over the last few years in an effort to realign its asset base toward higher-quality television station assets,” the agency said in a news release.

“The company has also continued its investment in new media and national content brands, which provides some diversification away from the local media business.”

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