Scripps Sells Tulsa Radio Cluster To Griffin Communications For $12.5 Million

Sale

THE E.W. SCRIPPS COMPANY has found a buyer for its TULSA cluster, selling Country KVOO, Classic Country KXBL (BIG COUNTRY 99.5), News-Talk KFAQ-A, Top 40 KHTT (106.9 K-HITS), and Classic Hits KBEZ (92.9 THE DRIVE)/TULSA to GRIFFIN COMMUNICATIONS for $12.5 million. KALIL AND CO. is serving as exclusive broker for the deal; SCRIPPS announced in JANUARY that it plans to sell its 34 radio stations in eight markets, and the TULSA sale is the first to go. SCRIPPS is retaining NBC-TV affiliate KJRH-TV/TULSA; GRIFFIN owns CBS-TV affiliates KOTV-TV/TULSA and KWTV/OKLAHOMA CITY, MY NETWORK TV affiliate KSBI-TV/OKLAHOMA CITY, and CW affiliate KQCW-TV/TULSA and the RADIO OKLAHOMA NETWORK.

"GRIFFIN COMMUNICATIONS has a long history of serving OKLAHOMANS through a multiplatform approach to news and entertainment," said SCRIPPS President/CEO ADAM SYMSON. "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."

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