The E.W. Scripps Co. has begun its effort to get out of the radio business by selling its group of five radio stations in Tulsa, Okla., to Griffin Communications for $12.5 million.
Scripps announced a restructuring and as part its plan to focus on TV, it would be divesting its portfolio of 34 radio stations.
"This transaction is a promising start to the sale of our entire radio station group, which was one of the pillars of our strategy for returning value to shareholders. We expect more announcements soon,” said Adam Symson, CEO of Scripps.
The stations involved in the sale to Oklahoma-based Griffin are: KFAQ (1170 AM), KHTT (106.9 FM), KVOO (98.5 FM), KXBL (99.5 FM) and KBEZ (92.9 FM). The transaction is expected to close in the fourth quarter.
“Griffin Communications has a long history of serving Oklahomans through a multiplatform approach to news and entertainment,” Symson, said. “We believe our Tulsa radio stations and their employees are a natural fit for Griffin and its vision.
Griffin Communications is a privately held company that owns and operates four television stations and their digital platforms in Oklahoma City and Tulsa and runs a portfolio of advertising businesses, including a digital billboard company.
Kalil & Co. brokered the transaction.