Scripps Turns Off The Radio

• The E.W. Scripps Company is officially out of the radio business with the announcement that the company has closed on its final $8 million sale of eight radio stations in Boise, ID and Tucson, AZ to Lotus Communications — this marks the final transaction in the divestiture of its radio division.

Scripps announced its intent to sell its radio division in January as part of its restructuring plan to create a stronger, more streamlined and higher-performing company. Scripps then sold off its 34 radio stations in eight markets in four transactions, with these other transactions closing prior to Nov. 1: 19 radio stations Knoxville, Omaha, Springfield, MO and Wichita, KS were sold to Summit Communications for $47 million; five stations in Tulsa, OK were sold to Griffin Communications for $12.5 million and WTMJ and WKTI/Milwaukee were sold to Good Karma Brands for $16 million. Total proceeds from the divestitures were $83.5 million. Net proceeds were about $55 million after tax.

Kalil & Co. handled the sales process for Scripps.