The sale is the second in a series in which Scripps expects to sell all 34 of its radio stations in eight markets. In June, it announced the sale of five radio stations in Tulsa, Oklahoma, to Tulsa-based Griffin Communications.
Scripps Sells Milwaukee Radio Stations For $16M
Moving ahead with plans to exit the radio business, E.W. Scripps has reached an agreement to sell its two radio stations in Milwaukee to Good Karma Brands for $16 million.
Wisconsin-based Good Karma is purchasing WTMJ (620 AM and 103.3 FM) and WKTI (94.5 FM). The transaction is expected to close in the fourth quarter.
The sale is the second in what Scripps expects to be a series of radio sale transactions. In June, it announced the sale of five radio stations in Tulsa, Oklahoma, to Tulsa-based Griffin Communications.
The company announced in January its intent to sell its portfolio of 34 radio stations in eight markets.
“Good Karma Brands’ focus on Milwaukee makes the company an ideal home for these important local radio stations,” said Adam Symson, Scripps president and CEO. “The company’s expertise in connecting audiences and advertisers, particularly with sports marketing, means these stations will be well positioned for the future.
“At Scripps, we are on track for the sale of our entire radio station group as a component of our enterprise-wide strategy to divest of non-core assets and focus on improving our near-term operating performance while fostering the growth ahead.”
BRAND CONNECTIONS
Good Karma Brands is a sports marketing company based in Milwaukee. It owns and operates six ESPN-affiliated radio stations, including WAUK (540 AM) in Milwaukee and WTLX (100.5 FM) in Madison, Wis.
Kalil & Co., Inc. is the exclusive broker for this transaction.
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