EW Scripps has received inbound interest in its Black-culture network Bounce TV, CEO Adam Symson said in an exclusive CNBC interview.
If a deal happens, Scripps could sell Bounce TV for hundreds of millions later this year, sources said.
EW Scripps trades for about $3.70 per share at a market valuation of roughly $315 million. The stock is down more than 50% this year amid concerns over pay-TV cancellations that diminish the audience for broadcast networks. "The number of inbounds and conversations that we have had with interested and qualified potential suitors has picked up significantly over the last year," Symson said. "The earlier BET process, which was never consummated, may have opened up people's eyes to the power of Bounce."
Symson began telling Bounce TV employees about the inbound interest on Tuesday, according to a person familiar with the communications.
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