EW Scripps has announced the first of its planned divestments of its radio properties with the sale of its five stations in Tulsa OK to Griffin Communications for $12.5 million.
The privately held Griffin currently owns four television stations in Oklahoma: CBS affiliate KOTV 6 and CW affiliate KQCQ 19 in Tulsa and CBS/CW affiliate KWTV 9 and MyNetworkTV affiliate KSBI 52 in Oklahoma City. The company has a long history in radio as the previous owners of 1430 KTUL Tulsa and 1520 KOMA Oklahoma City. It also currently owns the statewide Radio Oklahoma Network.
The stations involved in the sale are: Classic Hits “92.9 The Drive” KBEZ, Country 98.5 KVOO, Classic Country “Big Country 99.5” KXBL, CHR “106.9 K-Hits” KHTT, and News/Talk 1170 KFAQ. Scripps announced its intent to sell its radio assets in January of this year.
The E.W. Scripps Company (NASDAQ: SSP) has reached an agreement to sell its group of five radio stations in Tulsa, Oklahoma, to Griffin Communications for $12.5 million.
Oklahoma-based Griffin is purchasing KFAQ (1170 AM), KHTT (106.9 FM), KVOO (98.5 FM), KXBL (99.5 FM) and KBEZ (92.9 FM). The transaction is expected to close in the fourth quarter.
The sale is the first in what Scripps expects to be a series of radio sale transactions. The company announced in January its intent to sell all its radio stations. Including the Tulsa stations, Scripps’ portfolio includes 34 radio stations in eight markets.
“Griffin Communications has a long history of serving Oklahomans through a multiplatform approach to news and entertainment,” said Adam Symson, Scripps president and CEO. “We believe our Tulsa radio stations and their employees are a natural fit for Griffin and its vision.
“In addition, this transaction is a promising start to the sale of our entire radio station group, which was one of the pillars of our strategy for returning value to shareholders. We expect more announcements soon.”
Griffin Communications is a privately held multimedia company with a focus on Oklahoma. It owns and operates four television stations and their digital platforms in Oklahoma City and Tulsa and runs a portfolio of advertising businesses, including a digital billboard company. Griffin is headquartered in Oklahoma City.
Kalil & Co., Inc. is the exclusive broker for this transaction.