Bounce TV, a broadcast network focused on black culture, is being explored for sale by EW Scripps.

• A bank has been hired by EW Scripps to assess the possibility of selling Bounce TV.
• Sources said that if a deal occurs, Scripps may sell Bounce TV for hundreds of millions later this year.
• Black-owned production studios and media companies that were interested in purchasing BET when Paramount Global considered a sale last year may also be potential buyers.

Scripps CEO Adam Symson has revealed that one of the largest local TV broadcasters in the U.S. has hired a financial advisor to evaluate inbound interest in acquiring Bounce TV, its over-the-air network aimed at African Americans.

Last year, BET Media Group was approached by interested parties from a potential sale, many of whom were Black leaders. However, the sale process did not proceed. Since then, Scripps has been approached by these same parties with interest in owning Bounce TV. If Scripps decides to pursue a deal, it hopes to attract a price tag in the hundreds of millions, according to sources.

EW Scripps is trading at a market valuation of roughly $315 million, with its stock price down more than 50% this year due to pay-TV cancellations affecting the audience for broadcast networks.

Bounce TV's potential buyers and price remain undisclosed, according to Symson. Sources close to the process suggest a deal may occur in the second half of the year.

"Symson stated that the number of inbounds and conversations with interested and qualified potential suitors has increased significantly over the past year. He attributed this increase to the earlier BET process, which although never consummated, may have raised awareness about the potential of Bounce."

Advertising agencies and big brands set aside funds for minority-controlled businesses, which can increase the value of media assets if sold from conglomerates to Black owners, Symson said. Additionally, a platform like Bounce TV can serve as a landing spot for a Black creator's catalog.

On Tuesday, Bounce TV employees were informed about the inbound interest by Symson, as per a source.

Bounce TV, which launched in 2011, is a free over-the-air network that airs a mix of syndicated shows, movies, and original content targeted towards African American audiences. The network's "Johnson," a dramedy created by Deji LaRay, is currently in its fourth season. Additionally, Bounce TV is introducing a new comedy series, "Mind Your Business," which premieres on June 1.

Despite the challenges faced by legacy media, Bounce TV has seen an increase in ratings in recent years. In the first quarter, Bounce TV's viewership increased by 14% on linear TV and 9% on connected TVs, according to Symson. Approximately 70% of Bounce TV's audience is obtained through over-the-air broadcasting, while the remaining 30% is obtained through pay TV and streaming services.

Since acquiring Bounce TV as part of the takeover of Katz Networks for $302 million in 2017, Symson stated that the company has doubled the network's revenue.

Over 40 U.S. markets are served by more than 60 stations that make up Scripps' portfolio.