Lotus Closes on Buy of Scripps Stations in Tucson, Boise
|RADIO ONLINE | Wednesday, December 12, 2018|
Lotus Communications Corp. has closed on its purchase of four stations in Tucson and four stations in Boise, ID, from Scipps Media for $8 million. This represents the last of the radio outlets owned by Scripps. Included in the deal were 1kW KFFN-AM (1490), 100kW KMXZ-FM (94.9), 3kW KQTH-FM (104.1) and 0.44kW KTGV-FM (106.3)/Tucson along with 53kW KJOT-FM (105.1), 100kW KQXR-FM (100.3), 49kW KRVB-FM (94.9) and 52kW KTHI-FM (107.1)/Boise.
Scripps Media is a Cincinnati-based company and a unit of the E.W. Scripps Company, and is headed by Adam Symson. Lotus Communications is a California-based company led by founder Jim Kalmenson. It owns 34 stations across 3 states. Lotus operates four stations in Tucson and has divested KQTH to Family Life Broadcasting and KTGV to Bustos Media Holdings in order to meet the FCC market cap.
"Lotus Communications' commitment to serving local communities -- with a focus on western region markets in particular -- makes it a natural fit to run the Boise and Tucson stations," said Scripps President/CEO Adam Symson. "This deal sets up the stations for continued success."
"We are looking forward to getting to know the many talented professionals at these Scripps radio stations," added Lotus Communications President Jim Kalmenson. "Both companies share a genuine passion for producing excellent local radio and serving the public."
Kalil & Co. brokered this transaction.