Community Health Systems announced an agreement late Friday to sell three Pennsylvania hospitals to Tenor Health Foundation.
The Franklin-based health care company said it has entered into a definitive agreement to sell Regional Hospital of Scranton, Moses Taylor Hospital and Wilkes-Barre General Hospital, along with other related businesses.
Terms of the deal were not disclosed.
Once the funding is secured, the transaction is expected to close shortly thereafter within the fourth quarter of this year, according to a release.
The hospitals included in the transaction are among the potential divestitures discussed Friday morning on the company’s third-quarter earnings call.
During the call, Kevin Hammons, CHS president and interim CEO, said the company is having both early and late-stage discussions about other potential divestures.
“We are still pursuing some divestures,” Hammons said on the call.
“We are in some early conversations…too early at this point, we don’t know how far those will go. But certainly we will continue to get some inbound interest. We are in some advanced discussions on a couple of deals, which we think could be announced even later this year.”
Since a previously announced sale to WoodBridge Healthcare Inc. was terminated in November 2024, CHS representatives said they have worked with state officials in Pennsylvania to identify another operator for the Scranton operations. Outreach was made to regional and national organizations, according to the release.
Community Health Systems (NYSE: CYH), subsidiaries of which own or lease 70 hospitals across 14 states, reported $3.08 billion in third quarter revenue, slightly down from the figure of 2024.