Summit Media, the Birmingham, Alabama-based company formed in 2013 to purchase mid-market radio stations divested by Cox Radio, is now acquiring E.W. Scripps’s final group of 19 radio stations for $47m. In 2017, the revenue of all Scripps’ radio stations was $83.5m (profit: $11.6m) before it announced plans to concentrate on TV and digital news. Scripps has already announced the sale of five radio stations in Tulsa, Oklahoma, to Griffin Communications; two Milwaukee radio stations to Good Karma Brands; and eight stations in Boise, Idaho, and Tucson, Arizona, to Lotus Communications Corp. The Scripps stations will join the Summit portfolio of 31 radio stations in Alabama, Hawaii, Kentucky, South Carolina and Virginia.
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Scripps signs out of US radio
