Scripps completes sales of its radio stations
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.