E.W. Scripps said it has proposed a $400 million private placement offering, proceeds of which will go toward funding the purchase of eight Nexstar Media Group stations in seven markets it agreed to buy earlier this year.
The private placement will take the form of new senior unsecured notes, which will mature in 2027.
Scripps agreed to buy the Nexstar stations in March for $580 million. Nexstar is selling the stations in connection with its pending purchase of Tribune Media. With the deal, Scripps will grow its local TV portfolio to 62 stations in 42 markets, reaching about 30% of U.S. TV households.