Lotus Spins Off Two In Tucson
• Last week the E.W. Scripps Company announced its agreement to sell its eight radio stations in Boise, ID and Tucson, AZ to Lotus Communications Corp. for $8 million. The four Scripps’ Tucson stations are KMXZ, KFFN, KQTH and KTGV, and since Lotus already owns four stations in the market, it announced it would spin off News-Talk KQTH and Rhythmic Oldies KTGV in order to meet FCC ownership cap rules.
• Yesterday Lotus announced an agreement to sell 104.1 KQTH to not-for-profit Family Life Broadcasting, which is expected to flip it to a Religious format. Family Life Broadcasting is headed by Dr. Randy Carlson and also owns radio stations in Arizona, California, Colorado, Florida, Georgia, Kansas, Michigan, New Mexico, Tennessee, Texas, and Wisconsin.
• At the same time Lotus announced the sale of KTGV (106.3 The Groove)/Tucson to Portland, OR-based Bustos Media Holdings, LLC, which also owns another radio station in Arizona, as well as California, Oregon, Texas and Washington. Amador Bustos, Chairman, CEO and President of Bustos Media Holdings, LLC, stated, “We are pleased to add The Groove (KTGV) to our recently acquired News-Talk station KVOI-AM. Tucson is a happening university town and The Groove will continue to be part of the good vibe in this diverse community.” Kalil & Co., Inc. is the exclusive broker for both transactions.
