Scripps Spins Off Tulsa
• The E.W. Scripps Company has taken the first step in its intention to exit the radio business — the company has reached an agreement to sell its five radio stations in Tulsa, OK to Oklahoma City-based Griffin Communications for $12.5 million. The cluster comprises Talk KFAQ-1170 AM, Top 40 KHTT (106.9 K-Hits), Country KVOO, Classic Country KXBL(Big Country 99.5) and Classic Hits KBEZ (92.9 The Drive). The transaction is expected to close in the fourth quarter.
The company announced in January its intent to sell its portfolio of 34 former Journal Broadcast Group radio stations in eight markets.
“Griffin Communications has a long history of serving Oklahomans through a multiplatform approach to news and entertainment,” said Adam Symson, Scripps President and CEO. “We believe our Tulsa radio stations and their employees are a natural fit for Griffin and its vision. In addition, this transaction is a promising start to the sale of our entire radio station group, which was one of the pillars of our strategy for returning value to shareholders. We expect more announcements soon.”
Griffin Communications is a privately held multimedia company with a focus on Oklahoma. It owns and operates four television stations and their digital platforms in Oklahoma City and Tulsa and runs a portfolio of advertising businesses, including a digital billboard company. Kalil & Co., Inc. is the exclusive broker for this transaction.
