Scripps Completes Sales Of Its Radio Stations

This week, the E.W. Scripps Company closed  on its final sale of eight radio stations in Tucson, Arizona, and Boise, Idaho, to Lotus Communications for $8 million.

All transactions in Scripps’ divestiture of its radio division are now completed.

According to the company, “total proceeds from the divestitures were $83.5 million. Net proceeds were about $55 million after tax.”

Scripps reports that it 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.