CINCINNATI, Aug. 7, 2018 /PRNewswire/ -- The E.W. Scripps
Company (NASDAQ: SSP) has reached an agreement to sell eight radio stations in Boise, Idaho, and
Tucson, Arizona, to Lotus Communications Corp. for $8 million.
California-based Lotus Communications is purchasing KMXZ (94.9 FM), KFFN (1490 AM and 104.9
FM), KQTH (104.1 FM) and KTGV (106.3 FM) in Tucson and KJOT (1051. FM), KQXR (100.3 FM), KRVB
(94.9 FM) and KTHI (107.1 FM) in Boise.
In its portfolio of stations, Lotus Communications operates four radio stations in the Tucson
market and will immediately divest of KQTH and KTGV in order to meet the Federal Communications Commission rules that cap station
ownership in single markets.
The transaction is expected to close in the fourth quarter.
The sale is the third in a series of radio sale transactions for Scripps. In June, it announced the sale of five radio
stations in Tulsa, Oklahoma, to Griffin Communications, followed by a July announcement that it
will sell its two Milwaukee radio stations to Good Karma Brands.
The company announced in January its intent to sell its portfolio of 34 radio stations in eight markets.
"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 Adam Symson, Scripps president and
CEO. "This deal sets up the stations for continued success."
Lotus Communications is one of the largest privately held radio station groups in the U.S., founded in 1962 and headquartered
in Los Angeles. The Scripps stations will join its portfolio of 34 radio stations in
Arizona, California and Nevada.
"We are looking forward to getting to know the many talented professionals at these Scripps radio stations," said
Jim Kalmenson, president of Lotus Communications. "Both companies share a genuine passion for
producing excellent local radio and serving the public."
Kalil & Co., Inc. is the exclusive broker for this transaction.
About 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 Midroll Media; and fast-growing
national broadcast networks Bounce, Grit, Escape and Laff. 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."
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SOURCE The E.W. Scripps Company