Lotus Gets In On The Scripps Radio Clearance Sale

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Scripps has cut a deal to sell its radio stations in Boise and Tucson to Lotus Communications for $8 million. The eight stations California-based Lotus will pick up are KMXZ (94.9 FM), KFFN (1490 AM and 104.9 FM), KQTH (104.1 FM), and KTGV (106.3 FM) in Tucson, and KJOT (1051. FM), KQXR (100.3 FM), KRVB (94.9 FM), and KTHI (107.1 FM) in Boise.

Lotus operates four radio stations in Tucson and will immediately divest KQTH and KTGV in order to meet the Federal Communications Commission rules that cap station ownership in single markets. “We are looking forward to getting to know the many talented professionals at these Scripps radio stations,” said Jim Kalmenson, President of Lotus Communications. “Both companies share a genuine passion for producing excellent local radio and serving the public.”

The sale is the third in a series of radio sale transactions for Scripps. In June, it announced the sale of five radio stations in Tulsa, Oklahoma, to Griffin Communications, followed by a July announcement that it will sell its two Milwaukee radio stations to Good Karma Brands. The company announced in January its intent to sell its portfolio of 34 radio stations in eight markets.

Lotus was founded in 1962 and the Scripps stations will join Lotus’ portfolio of 34 radio stations in Arizona, California, and Nevada.

Kalil & Co., Inc. is the exclusive broker for this transaction. The transaction is expected to close in the fourth quarter.

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