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Fintech Intelligence Digital Newsletter: April 2021

E.W. Scripps to sell 8 more radio stations

E.W. Scripps Co. struck an agreement to sell eight radio stations in Boise, Idaho, and Tucson, Ariz., to Lotus Communications Corp.

Lotus will acquire KMXZ, KFFN, KQTH and KTGV in Tucson and KJOT, KQXR, KRVB and KTHI in Boise for $8 million. Lotus currently owns four radio stations in the Tucson market and will immediately divest stations KQTH and KTGV to meet the Federal Communications Commission rules that limit station ownership in single markets.

The deal is expected to complete in the fourth quarter.

Kalil & Co. Inc. served as exclusive broker for the deal.

The transaction is the third in a series of radio sales deals for Scripps, which in January announced its plans to divest the company's 34 radio stations in eight small and midsize markets.

Scripps in June agreed to sell five radio stations in Tulsa, Okla., to Griffin Communications LLC, followed by a July sales deal for its two Milwaukee, Wis. radio stations to Good Karma Brands.