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Scripps Elects To Exit Radio Business

http://m.newson6.com/story.aspx?story=38500435&catId=112042

Griffin Communications has announced that they will get E.W. Scripps Tulsa Cluster.

. Griffin Communications announced Monday the purchase of five Tulsa radio stations from the E.W. Scripps Company.

The stations purchased include KFAQ (1170 AM), KHTT (106.9 FM), KVOO (98.5 FM), KXBL (99.5 FM) and KBEZ (92.9 FM). They join Griffin's Tulsa television stations, KOTV and KQCW.

“We are excited to have the Scripps Radio Tulsa group join our team,” said David Griffin, Griffin Communications CEO and Chairman. “They are an excellent group of stations with a great team and are a natural fit with our mission of keeping Oklahomans safe, informed and entertained.”

“Combining radio with our TV stations, billboards, websites and digital products deepens our commitment to the Tulsa market,” said Griffin, “and provides us an unmatched footprint.”
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Wow - Scripps got taken to the cleaners on those Tuscon and Boise stations!!! Eight stations - seven of which are full power FMs - in two decent-sized markets for a grand total of $8 million. That is a bargain basement price if I've ever seen one!

On the other hand, Scripps wound up with a decent chunk of money from the transaction with Summit. The deal with Summit must've already been inked - or close to it - when they decided to unload Tucson and Boise.

The pair of stations in Milwaukee sold for a little less than I would've guessed. I was thinking the pair would command closer to $20 million. Quite surprised Saga didn't want them; perhaps they were fearful of FCC revenue concentration limits being breached? Given the fact the market still would have had four major group owners on a pro forma basis, I assumed no such concern would've entered the equation, but perhaps I am mistaken.

Entercom apparently feels Milwaukee is too small of a market to warrant additional station accumulation. Might they use their existing Milwaukee stations as trade bait for something else down the road? Seems to me 94.5 & 99.1 would've made a magnificent pairing for ad sale purposes. 620 and 1250/105.7 would've also paired well together, one would think.
 
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MarkW said:
Wow - Scripps got taken to the cleaners on those Tuscon and Boise stations!!! Eight stations - seven of which are full power FMs - in two decent-sized markets for a grand total of $8 million. That is a bargain basement price if I've ever seen one!
Click to expand...

The interesting thing is that the Boise and Tucson stations had around $12 million in billings in 2017. Boise only had $3 million, and about 12% of market revenue. But the Tucson cluster has about 22% of local commercial revenue and has one huge performing station.

I agree that they got a bargain basement price.
 
https://news.radio-online.com/cgi-bin/rol.exe/headline_id=b15625

Update E.W. Scripps sells its remaining radio stations to Summit Media

The E.W. Scripps Company has closed on its last group of radio outlets -- 19 radio stations in four markets -- to SummitMedia for $47 million. This is the fourth and final transaction in the sale of Scripps' radio assets. The sales of these stations totaled $83.5 million, and the group's 2017 segment profit was $11.6 million. The company announced in January its intent to sell its portfolio of 34 radio stations in eight markets.

SummitMedia LLC has purchased:

KFDI (101.3 FM), KICT (95.1 FM), KFXJ (104.5 FM), KYQQ (106.5 FM) and KFTI (1070 AM) in Wichita, KS
KTTS (94.7 FM), KSPW (96.5 FM), KSGF (104.1 FM and 1260 AM) and KRVI (106.7 FM) in Springfield, MO
KEZO (92.3 FM), KSRZ (104.5 FM), KQCH (94.1 FM), KKCD (105.9 FM) and ESPN station KXSP (590 AM) in Omaha, NE
WWST (102.1 FM), WCYQ (100.3 FM), WKHT (104.5 FM) and WNOX (931. FM) in Knoxville, TN
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