Scripps Closes Lotus Sale, Completing Broadcast Radio Exit.

Scripps Closes Lotus Sale, Completing Broadcast Radio Exit. | Story| insideradio.com

 

Scripps Closes Lotus Sale, Completing Broadcast Radio Exit.

Dec 12, 2018

 The E.W. Scripps Company completed its broadcast radio exit today, closing an $8 million sale of eight stations in two markets to Jim Kalmenson’s Lotus Communications. The Lotus deal was the last of four transactions in the divestiture of Scripps’ radio division, which began in January 2018 and brought in total proceeds of $83.5 million. Scripps says net proceeds were about $55 million after taxes.

 

In the Tucson, AZ market Lotus acquires AC “94.9 Mix FM” KMXZ-FM, sports “ESPN Tucson” KFFN (1490), news/talk KQTH (104.1), rhythmic AC “106.3 The Groove” KTGV and the Tucson-licensed translator K285DL at 104.9 FM which rebroadcasts KFFN. Lotus already owns four stations in the Tucson market, including classic rock KLPX (96.1), alternative “Rock 102” KFMA, regional Mexican “La Caliente” KCMT (92.1), and Spanish adult hits “La Buena 94.3” KTKT. In order to comply with FCC ownership limits, Lotus has announced plans to spin-off two FMs. Bustos Media has agreed to buy KTGV for $1 million and Family Life Broadcasting is buying KQTH for $800,000.

 

In the Boise, ID market, Lotus buys classic rock “J105” KJOT (105.1), rock “100.3 The X” KQXR, adult alternative “94.9 The River” KRVB (94.9) and classic hits “107.1 K-Hits” KTHI.

 

Scripps announced plans to sell off its 34 radio properties in January 2018, and focus on building its TV properties. Its AM/FM assets moved at a steady pace, with 19 stations in four markets sold to SummitMedia for $47 million; news/talk powerhouse WTMJ (620, 103.3) and country WKTI (94.5) in Milwaukee to Craig Karmazin’s Good Karma Brands for $16 million; a five station cluster in Tulsa to Oklahoma-based Griffin Communications for $12.5 million and now eight stations in Boise and Tucson to Lotus for $8 million.

Lotus Named Hispanic Broadcaster of the Year

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Lotus Communications President, Jim Kalmenson receiving the 2018 Medallas de Cortez Award as "Broadcaster of the Year".

Lotus Communications President, Jim Kalmenson receiving the 2018 Medallas de Cortez Award as "Broadcaster of the Year".

Lotus Communications is widely known across the West Coast of the U.S. as the leader of a family-run business with a diverse portfolio of radio stations that includes Classic Rock and Active Rock FMs in Tucson, a Classic Rocker in Las Vegas, and a Farsi-language format targeting Persians across Southern California.

But, it is Lotus’ Spanish-language stations and their performance that has led Kalmenson to receive the 2018 Medallas de Cortez Award as Broadcaster of the Year.

The honor was presented to Kalmenson on Tuesday evening at the 2018 Hispanic Radio Conference, which concludes Wednesday in Doral, Fla. Lotus’ stations across the West are comprised of several Spanish-language radio stations, including key ESPN Deportes Radio affiliate KWKW-AM 1330 in Los Angeles.

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Lotus Wins Big at the 2018 RADIO INK Hispanic Radio Conference

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Lotus Wins Big at the 2018 RADIO INK Hispanic Radio Conference

Jim Kalmenson named 2018 winner of the Medallas de Cortez as Broadcaster of the Year

Lotus Communications earns recognition at RADIO INK’s Hispanic Radio Conference in Miami, FL naming Jim Kalmenson as Broadcaster of the Year and Ericka Aguilar, KCMT-FM/Tucson, AZ Sales Manager of the Year at the Medallas De Cortez Awards ceremony.

We congratulate Jim Kalmenson for this distinguished award which he richly deserves. Jim is fulfilling the legacy of his father, Howard Kalmenson, as a champion for Hispanic Radio and the Hispanic Community. Jim not only runs the LA Hispanic heritage station, KWKW-1330 AM and our newest Spanish Language station KFWB-980 AM, but he has been instrumental in expanding Lotus’ Hispanic broadcasting footprint.  Jim has been and continues to be a constant advocate for Spanish broadcasting.

Lotus would also like to recognize and applaud Ericka Aguilar for a well deserved win along with all the Lotus finalists Ken Kwilosz, General Manager, Tucson, AZ, Melissa Del Carlo, Sales Manager, Fresno, CA, Jorge Guillen, Program Director, KLBN-FM/Fresno, CA, Craig Williams, Promotions Director, Las Vegas, NV and Station KWID-FM, Las Vegas, NV.