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.