Lotus Buys Sinclair Out Of Radio
• Lotus Communications announced that it has entered into an agreement with Sinclair Broadcast Group, Inc.’s wholly-owned subsidiary, Sinclair Television Group, Inc. to acquire Sinclair’s last three radio stations: News Radio KOMO 1000 AM & 97.7 FM, Hot AC KPLZ (Star 101.5) and News-Talk KVI 570 AM/Seattle.
Lotus First SVP Jim Kalmenson commented, “We are excited to work with the amazing staff at KOMO, KPLZ, and KVI. These are legendary stations which share Lotus’s vision of producing local programming to serve the community, enhance local neighborhoods, and support our home town businesses. Seattle is home to several excellent broadcasting companies who have made this a great radio market.”
The stations will sell for an aggregate purchase price of approximately $18 million in cash and other consideration, and the deal is subject to the usual FCC approval. Richard A. Foreman Associates, Inc initiated the transaction and acted as exclusive broker representing Sinclair Broadcast Group.
Lotus is based in Los Angeles and owns 44 radio stations concentrated in the Western States as well as a digital marketing entity, and e-commerce sites.
