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E.W. Scripps completes radio stations sale

E.W. Scripps Co. has completed the sale of 34 radio stations in eight small and midsize markets as part of its restructuring plan.

Total proceeds from the divestitures were $83.5 million, while net proceeds were about $55 million after tax, according to a Dec. 12 news release.

The company closed the final sale of eight radio stations in Boise, Idaho, and Tucson, Ariz., to Lotus Communications Corp. for $8 million. E.W. Scripps sold 19 radio stations to Summit Communications for $47 million; sold five stations in Tulsa, Okla., to Griffin Communications LLC for $12.5 million; and sold two stations in Milwaukee 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. oversaw the sales process for E.W. Scripps.