Tulsa Radio: Scripps Sells 5 Stations

The E.W. Scripps Company has reached an agreement to sell its group of five radio stations in Tulsa, Oklahoma, to Griffin Communications for $12.5 million.

Oklahoma-based Griffin is purchasing News/Talk KFAQ 1170 AM, CHR KHTT 106.9 FM, Country KVOO 98.5 FM, Classic Country KXBL 99.5 FM and Classic Hits KBEZ 92.9 FM. The transaction is expected to close in the fourth quarter.

The sale is the first in what Scripps expects to be a series of radio sale transactions. The company announced in January its intent to sell all its radio stations. Including the Tulsa stations, Scripps' portfolio includes 34 radio stations in eight markets.

"Griffin Communications has a long history of serving Oklahomans through a multiplatform approach to news and entertainment," said Adam Symson, Scripps president and CEO. "We believe our Tulsa radio stations and their employees are a natural fit for Griffin and its vision.

"In addition, 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."

Griffin Communications is a privately held multimedia company with a focus on Oklahoma. It 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. Griffin is headquartered in Oklahoma City.

Kalil & Co., Inc. is the exclusive broker for this transaction.