The E.W. Scripps Company has reached an agreement to sell its last group of 19 radio stations in four markets to SummitMedia LLC for $47 million. This is the fourth and final transaction in the sale of Scripps’ radio assets.
SummitMedia LLC is purchasing:
• KFDI (101.3 FM), KICT (95.1 FM), KFXJ (104.5 FM), KYQQ (106.5 FM) and KFTI (1070 AM) in Wichita, Kansas;
• KTTS (94.7 FM), KSPW (96.5 FM), KSGF (104.1 FM and 1260 AM) and KRVI (106.7 FM) in Springfield, Missouri;
• KEZO (92.3 FM), KSRZ (104.5 FM), KQCH (94.1 FM), KKCD (105.9 FM) and ESPN station KXSP (590 AM) in Omaha, Nebraska; and
• WWST (102.1 FM), WCYQ (100.3 FM), WKHT (104.5 FM) and WNOX (931. FM) in Knoxville, Tennessee.
The transaction is expected to close in the fourth quarter.
The sales of Scripps’ radio stations total $83.5 million, and the group’s 2017 segment profit was $11.6 million. The company announced in January its intent to sell its portfolio of 34 radio stations in eight markets.
Scripps already had announced the sale of five radio stations in Tulsa, Oklahoma, to Griffin Communications; two Milwaukee-based radio stations to Good Karma Brands; and eight stations in Boise, Idaho, and Tucson, Arizona, to Lotus Communications Corp.