Scripps completes sales of its radio stationsย
The E.W. Scripps Company (NASDAQ: SSP)ย closed today on its final sale of eight radio stations inย Boise, Idaho, andย Tucson, Arizona, to Lotus Communications forย $8 million.
Scripps has now completed all transactions in the divestiture of its radio division. Total proceeds from the divestitures wereย $83.5 million. Net proceeds were aboutย $55 millionย after tax.Scripps sold its 34 radio stations in eight markets in four transactions, with the other transactions closing prior toย Nov. 1:
- Nineteen radio stations were sold to Summit Communications forย $47 million. The stations are inย Knoxville, Tennessee;ย Omaha, Nebraska;ย Springfield, Missouri; andย Wichita, Kansas.
- Five stations inย Tulsa, Oklahoma, were sold to Griffin Communications forย $12.5 million.
- Two stations inย Milwaukeeย were sold to Good Karma Brands forย $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.
