I don’t know why there seems to be surprise or mystery surrounding this “ownership change”. This was the plan from the beginning of the Tribune sale, and it was no secret. Because of the number of stations involved, Nexstar needed to divest WPIX (and others) to get FCC approval; but they didn’t want to lose it forever. That’s why the WPIX sale price at the time was pretty cheap, and why it included the buy-back option. If you go back and read the articles and analysis of the Tribune sale, this was widely expected and predicted. Some thought it would be when ownership rules were relaxed. Others thought it would be when Nexstar finished rearranging its financial labyrinth. Either way, it was always part of the plan. Only a political or economic apocalypse would stop it. Doing it through an ownership sidecar might not have been the original endgame, but it is neither unique nor unprecedented This was never a question of “if” Nexstar would re-acquire WPIX, but “when”.
it truly is too bad that WPIX is leaving Scripps. But this was always a “rent, don’t buy” arrangement.