Mission Broadcasting Inc. exercised the option to acquire The CW (US) affiliate WPIX in New York City for $75 million plus accrued interest.

The accrued interest will be calculated on the period between Sept. 19, 2019, the date of E.W. Scripps Co.'s purchase of WPIX, and the option sale closing date, according to a July 13 news release.

Scripps bought WPIX from Nexstar Media Group Inc. in connection with Nexstar's acquisition of Tribune Media Co. in September 2019. Scripps granted Nexstar the option to buy back WPIX, which was exercisable from March 31 through the end of 2021. Nexstar transferred the option to Mission Broadcasting, which exercised the option.

The deal is expected to be completed later in 2020, subject to a definitive purchase agreement and the U.S. Federal Communications Commission's approval. Scripps will use the proceeds from the sale of WPIX to reduce debt.

AT&T Inc. and ViacomCBS Inc. jointly own The CW.