The E.W. Scripps Company has reached an agreement to sell its radio stations to Lotus Communications. Lotus 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 stations in Boise, Idaho, and Tucson, Arizona, to Lotus Communications Corp. for a mere $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.
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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.