Scripps Closes Final Radio Sales
E.W. Scripps has completed its exodus from radio station ownership.
Scripps closed the $8 million sale of its Boise and Tucson stations to Lotus Communications along with the two necessary divestitures of 104.1 KQTH to Family Life Broadcasting and 106.3 KTGV to Bustos Media in Tucson. In total all of Scripps’ divestitures netted $83.5 million in proceeds, $55 million after tax.
With the spin-offs in Tucson, Rhythmic Oldies “106.3 The Groove” KTGV is without a Program Director or afternoon host as Leslie Lois will move over to Lotus where she will continue to serve as Program and Music Director of AC “94.9 Mix-FM” KMXZ. Morning host Krystal Pino remains with KTGV.
The E.W. Scripps Company (NASDAQ: SSP) closed today on its final sale of eight radio stations in Boise, Idaho, and Tucson, Arizona, to Lotus Communications for $8 million.
Scripps has now completed all transactions in the divestiture of its radio division. Total proceeds from the divestitures were $83.5 million. Net proceeds were about $55 million after tax.
Scripps sold its 34 radio stations in eight markets in four transactions, with the other transactions closing prior to Nov. 1:
Nineteen radio stations were sold to Summit Communications for $47 million. The stations are in Knoxville, Tennessee; Omaha, Nebraska; Springfield, Missouri; and Wichita, Kansas.
Five stations in Tulsa, Oklahoma, were sold to Griffin Communications for $12.5 million.
Two stations in Milwaukee were sold to Good Karma Brands for $16 million.
Scripps announced its intent to sell its radio division in January as part of its restructuring plan to create a stronger, more streamlined and higher-performing company.
Kalil & Co. handled the sales process for Scripps.