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E.W. Scripps (NASDAQ:SSP) had hired a financial adviser to evaluate the sale of Bounce TV, a network focused on African American viewers.
Scripps (SSP) has seen interest from parties wanting to acquire Bounce TV, according to a CNBC report on Tuesday, citing an interview with Scripps CEO, Adam Symson. If Scripps (SSP) decides to pursue a deal, the network may attract a price in hundreds of millions, people familiar told CNBC.
Symson declined to discuss the names of the potential bidders or a price for Bounce TV. People familiar told CNBC that a transaction could happen by mid-year or Q3.
Shares of Scripps (SSP) rose 1.6% on Tuesday
Scripps officials began telling Bounce TV employees about the inbound interest on Tuesday, CNBC said, citing a person familiar. Scripps (SSP) is scheduled to report its Q1 results on May 9.