Sinclair Sells Its 4 Radio Stations To Lotus
Lotus Communications is buying Sinclair Broadcast Group four radio stations — all in the Seattle metropolitan area — for approximately $18 million in cash and other consideration. The stations are KOMO-AM-FM, KPLZ-FM and KVI-AM. Sinclair bought the stations from Fisher Communications in 2013.
Lotus Communications is one of the nation’s largest privately-owned broadcasting companies, founded in 1962 with the acquisition of legendary Spanish station KWKW-AM Los Angeles by its current Chairman Howard Kalmenson. Lotus is based in Los Angeles and owns 44 radio stations concentrated in the Western States as well as a digital marketing entity, and ecommerce sites.
Lotus First SVP Jim Kalmenson said: “We are excited to work with the amazing staff at KOMO, KPLZ and KVI. These are legendary stations which share Lotus’s vision of producing local programming to serve the community, enhance local neighborhoods, and support our home town businesses. Seattle is home to several excellent broadcasting companies who have made this a great radio market.”
Richard A. Foreman Associates initiated the transaction and acted as exclusive broker for Sinclair.