With the closing of the $8 million sale of eight stations to Lotus Communications, Scripps has gotten out of the radio station business. Selling all its stations brought in $83.5 million.
Scripps Completes Sales Of Radio Stations
The E.W. Scripps Co. closed today on its final sale of eight radio stations in Boise, Idaho, and Tucson, Ariz., 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, Tenn.; Omaha, Neb.; Springfield, Mo.; and Wichita, Kan.
- Five stations in Tulsa, Okla., 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.
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