Scripps Selling Its 34 Radio Stations
• The E.W. Scripps Co. is getting out of the radio business. The company today announced a comprehensive restructuring that includes a focus on its TV stations and the divestment of its 34 radio stations. “Today, Scripps is a dynamic leader in the media industry through its strong local TV station portfolio, its growing multicast network, its national news network and its podcasting business,” said Scripps President and CEO Adam Symson. “The enterprise-wide restructuring positions us well for continued growth while maintaining high-quality journalism as our central focus.”
During Q3 2017, the company began its restructuring process with a $2.4 million restructuring charge. The company will take a restructuring charge of $2 million in the fourth quarter, estimates a $4 million charge in the first quarter and expects to take smaller quarterly charges into 2019. Cost reductions are expected to yield more than $30 million in annual cost savings, driven by reductions in head count and operating expenses over the next 12-18 months. These include centralization of services and technology; sharing of resources; elimination of redundant positions and services; and other expense reductions.
The company has retained Kalil & Co., Inc. to handle the sales of its radio properties.
