Scripps Sells Boise, Tucson To Lotus

• The E.W. Scripps Company continues on its stated path to divest all of its radio holdings, announcing an agreement to sell its eight radio stations in Boise, ID and Tucson, AZ to Lotus Communications Corp. for $8 million. California-based Lotus Communications is purchasing KMXZ, KFFN, KQTH and KTGV in Tucson, and KJOT, KQXR, KRVB and KTHI in Boise. Lotus currently operates four radio stations in the Tucson market and will immediately spin off KQTH and KTGV in order to meet FCC ownership cap rules. The transaction is expected to close in the fourth quarter.

“Lotus Communications’ commitment to serving local communities — with a focus on western region markets in particular — makes it a natural fit to run the Boise and Tucson stations,” said Adam Symson, Scripps President & CEO. “This deal sets up the stations for continued success.” Jim Kalmenson, President of Lotus Communications commented, “We are looking forward to getting to know the many talented professionals at these Scripps radio stations. Both companies share a genuine passion for producing excellent local radio and serving the public.”

In January Scripps announced its intention to sell off its portfolio of 34 radio stations in eight markets. This latest sale is the third in a series of transactions — in June, Scripps announced the sale of five radio stations in Tulsa, OK to Griffin Communications, followed in July by the pending sale of WTMJ and WKTI/Milwaukee to Good Karma Brands. These eight Scripps stations will join Lotus Communications’ current portfolio of 34 radio stations in Arizona, California and Nevada. Kalil & Co., Inc. is the exclusive broker for this transaction.