Scripps Sells Milwaukee To Good Karma
• The E.W. Scripps Company has reached an agreement to sell its two radio Milwaukee radio stations — News-Talk WTMJ (620 AM/103.3 FM) and Country WKTI (94.1 KTI Country) to Good Karma Brands for $16 million. Good Karma Brands is Milwaukee-based sports marketing company that owns and operates six ESPN-affiliated radio stations, including WAUK (540 AM)/Milwaukee and WTLX (100.5 FM)/Madison, WI.
“Good Karma Brands’ focus on Milwaukee makes the company an ideal home for these important local radio stations,” said Adam Symson, Scripps President and CEO. “The company’s expertise in connecting audiences and advertisers, particularly with sports marketing, means these stations will be well positioned for the future. At Scripps, we are on track for the sale of our entire radio station group as a component of our enterprise-wide strategy to divest of non-core assets and focus on improving our near-term operating performance while fostering the growth ahead.”
The transaction is expected to close in the fourth quarter. This sale is the second in what Scripps expects to be a series of radio sale transactions. In June, it announced the sale of five radio stations in Tulsa, OK to Tulsa-based Griffin Communications, part of its stated intention to sell its portfolio of 34 radio stations in eight markets. Kalil & Co., Inc. is the exclusive broker for this transaction.
