Scripps Sells Out To SummitMedia
• The E.W. Scripps Company is officially out of the radio business, as the company just reached an agreement to sell its last group of 19 radio stations in four markets to SummitMedia LLC for $47 million. This is the fourth and final transaction in the sale of Scripps’ radio assets.
SummitMedia LLC is purchasing: KFDI, KICT, KFXJ, KYQQ and KFTI-AM in Wichita, Kansas; KTTS, KSPW, KSGF (104.1 FM/1260 AM) and KRVI in Springfield, Missouri; KEZO, KSRZ, KQCH, KKCD and KXSP-AM in Omaha, Nebraska, and WWST, WCYQ, WKHT and WNOX in Knoxville, Tennessee. The transaction is expected to close in the fourth quarter.
“SummitMedia’s focus on growth in the radio industry make it a good home for these stations,” said Adam Symson (left), Scripps President and CEO. “With Summit, these stations will be able to fully live out their mission of informing and entertaining local audiences.” He added, “With our sale of these 19 stations, Scripps has completed the sale of our entire radio station group. This is a significant milestone toward executing our strategy to divest of non-core assets, improve near-term operating performance and focus on the growth ahead.”
Carl Parmer, Chairman & CEO of Birmingham, AL-based SummitMedia LLC, commented, “We are very excited to welcome the Scripps teams in Wichita, Springfield, Omaha and Knoxville into the SummitMedia family. Together, we are very confident we can inspire our audiences, serve each of our individual communities and create value for our clients.”
The sales of Scripps’ radio stations total $83.5 million, and the group’s 2017 segment profit was $11.6 million. The company announced in January its intent to sell its portfolio of 34 radio stations in eight markets. Scripps already announced the sale of five radio stations in Tulsa, OK to Griffin Communications; two Milwaukee radio stations to Good Karma Brands; and eight stations in Boise, ID, and Tucson, AZ to Lotus Communications Corp. These 19 Scripps stations will join SummitMedia’s existing portfolio of 31 radio stations in Alabama, Hawaii, Kentucky, South Carolina and Virginia. Kalil & Co., Inc. is the exclusive broker for this transaction.
