Scripps Closes on Sale of Last Group of Radio Stations for $47M

RADIO ONLINE | Thursday, November 1, 2018

Scripps

The E.W. Scripps Company has closed on its last group of radio outlets -- 19 radio stations in four markets -- to SummitMedia for $47 million. This is the fourth and final transaction in the sale of Scripps' radio assets. The sales of these stations totaled $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.

SummitMedia LLC has purchased:

• KFDI (101.3 FM), KICT (95.1 FM), KFXJ (104.5 FM), KYQQ (106.5 FM) and KFTI (1070 AM) in Wichita, KS

• KTTS (94.7 FM), KSPW (96.5 FM), KSGF (104.1 FM and 1260 AM) and KRVI (106.7 FM) in Springfield, MO

• KEZO (92.3 FM), KSRZ (104.5 FM), KQCH (94.1 FM), KKCD (105.9 FM) and ESPN station KXSP (590 AM) in Omaha, NE

• WWST (102.1 FM), WCYQ (100.3 FM), WKHT (104.5 FM) and WNOX (931. FM) in Knoxville, TN

Scripps previously announced the sale of five radio stations in Tulsa to Griffin Communications; two Milwaukee-based radio stations to Good Karma Brands; and eight stations in Boise, Idaho, and Tucson, Arizona, to Lotus Communications Corp. Those have all closed.

"SummitMedia's focus on growth in the radio industry make it a good home for these stations," said Scripps President/CEO Adam Symson. "With Summit, these stations will be able to fully live out their mission of informing and entertaining local audiences. 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."

"We are very excited to welcome the Scripps teams in Wichita, Springfield, Omaha and Knoxville into the SummitMedia family," said SummitMedia LLC Chairman/CEO Carl Parmer. "Together, we are very confident we can inspire our audiences, serve each of our individual communities and create value for our clients."

SummitMedia is a Birmingham, AL-based company with a focus on radio and digital media. The Scripps stations will join its portfolio of 31 radio stations in Alabama, Hawaii, Kentucky, South Carolina and Virginia.

Kalil & Co., brokered the transaction.

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