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The E.W. Scripps Company is selling Triton Digital to iHeartRadio for $230 million, the companies announced today. The deal is expected to close in the first quarter.
Top line
Scripps, which bought Triton Digital in December 2018 for $150 million from private equity firm Vector Capital, is looking to shift its focus to its burgeoning national TV business.
“The sale of Triton creates significant value for Scripps’ shareholders and employees, as we close a chapter on our growth of digital audio businesses through a series of successful transactions and a focus on prudent operations, including our core TV business,” Adam Symson, Scripps president and CEO, said in a statement.
Between the lines
Scripps said it will use proceeds from the sale to pay down debt.
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