Scripps Turns Off The Radio
Scripps announced its intent to sell its radio division in January as part of its restructuring plan to create a stronger, more streamlined and higher-performing company. Scripps then sold off its 34 radio stations in eight markets in four transactions, with these other transactions closing prior to Nov. 1: 19 radio stations Knoxville, Omaha, Springfield, MO and Wichita, KS were sold to Summit Communications for $47 million; five stations in Tulsa, OK were sold to Griffin Communications for $12.5 million and WTMJ and WKTI/Milwaukee were sold to Good Karma Brands for $16 million. Total proceeds from the divestitures were $83.5 million. Net proceeds were about $55 million after tax.
Kalil & Co. handled the sales process for Scripps.