Group brings total of $83.5M
E.W. Scripps Co. said it agreed to sell its last group of 19 radio stations in four markets to SummitMedia for $47 million.
In January, Scripps said it would sell its radio stations as part of a restructuring designed to focus the company on core assets, including TV businesses.
Through four transactions, Scripps divested 34 stations in eight markets for a total of $83.5 million. The radio group generated profits of $11.6 million in 2017.
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“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,” said Scripps CEO Adam Symson
SummitMedia is buying five stations in Wichita, Kan.; five stations in Springfield, Mo.; five stations in Omaha, Neb, and four stations in Knoxville, Tenn.
The transaction is expected to close in the fourth quarter.
“We are very excited to welcome the Scripps teams in Wichita, Springfield, Omaha and Knoxville into the SummitMedia family,” said Carl Parmer, SummitMedia LLC chairman and CEO. “Together, we are very confident we can inspire our audiences, serve each of our individual communities and create value for our clients.”
SummitMedia LLC is a Birmingham, Alabama-based media 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.
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