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.