Wall Street Is Overreacting To New Sports Joint Venture, Says Scripps CEO

Local broadcast station groups plummeted in value this week after Disney, Warner Bros. Discovery and Fox announced they will be launching a new joint venture focused on sports fans. However, according to EW Scripps CEO Adam Symson, says Wall Street is overestimating the new product’s popularity, saying investors appear to be pricing in that local ABC and Fox affiliates wouldn’t be part of the new skinnier bundle. They will be included, he said, citing assurances he’s been given in conversations with Disney executives. “Affiliates are going to be compensated for being carried along,” Symson said.