Scripps to sell its radio stations in Boise, Idaho, and Tucson, Arizona, to Lotus Communications
The E.W. Scripps Company (NASDAQ: SSP) has reached an agreement to sell eight radio stations in Boise, Idaho, and Tucson, Arizona, to Lotus Communications Corp. for $8 million.
California-based Lotus Communications is purchasing KMXZ (94.9 FM), KFFN (1490 AM and 104.9 FM), KQTH (104.1 FM) and KTGV (106.3 FM) in Tucson and KJOT (1051. FM), KQXR (100.3 FM), KRVB (94.9 FM) and KTHI (107.1 FM) in Boise.In its portfolio of stations, Lotus Communications operates four radio stations in the Tucson market and will immediately divest of KQTH and KTGV in order to meet the Federal Communications Commission rules that cap station ownership in single markets.The transaction is expected to close in the fourth quarter.The sale is the third in a series of radio sale transactions for Scripps. In June, it announced the sale of five radio stations in Tulsa, Oklahoma, to Griffin Communications, followed by a July announcement that it will sell its two Milwaukee radio stations to Good Karma Brands.The company announced in January its intent to sell its portfolio of 34 radio stations in eight markets.”Lotus Communications’ commitment to serving local communities – with a focus on western region markets in particular – makes it a natural fit to run the Boise and Tucson stations,” said Adam Symson, Scripps president and CEO. “This deal sets up the stations for continued success.”Lotus Communications is one of the largest privately held radio station groups in the U.S., founded in 1962 and headquartered in Los Angeles. The Scripps stations will join its portfolio of 34 radio stations in Arizona, California and Nevada.”We are looking forward to getting to know the many talented professionals at these Scripps radio stations,” said Jim Kalmenson, president of Lotus Communications. “Both companies share a genuine passion for producing excellent local radio and serving the public.”Kalil & Co., Inc. is the exclusive broker for this transaction.