CINCINNATI, Dec. 12, 2018 /PRNewswire/ -- The E.W. Scripps Company (NASDAQ: SSP) closed today on its final sale of eight radio stations in Boise, Idaho, and Tucson, Arizona, to Lotus Communications for $8 million.
Scripps has now completed all transactions in the divestiture of its radio division. Total proceeds from the divestitures were $83.5 million. Net proceeds were about $55 million after tax.
Scripps sold its 34 radio stations in eight markets in four transactions, with the other transactions closing prior to Nov. 1:
- Nineteen radio stations were sold to Summit Communications for $47 million. The stations are in Knoxville, Tennessee; Omaha, Nebraska; Springfield, Missouri; and Wichita, Kansas.
- Five stations in Tulsa, Oklahoma, were sold to Griffin Communications for $12.5 million.
- Two stations in Milwaukee were sold to Good Karma Brands for $16 million.
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.
Kalil & Co. handled the sales process for Scripps.
The E.W. Scripps Company (NASDAQ: SSP) serves audiences and businesses through a growing portfolio of local and national media brands. With 33 television stations, Scripps is one of the nation's largest independent TV station owners. Scripps runs a collection of national journalism and content businesses, including Newsy, the next-generation national news network; podcast industry leader Stitcher; the fast-growing national broadcast networks Bounce, Grit, Escape and Laff; and Triton, the global leader in digital audio technology and measurement services. Scripps produces original programming including "Pickler & Ben," runs an award-winning investigative reporting newsroom in Washington, D.C., and is the longtime steward of the Scripps National Spelling Bee. Founded in 1878, Scripps has held for decades to the motto, "Give light and the people will find their own way."
SOURCE The E.W. Scripps Company