Scripps is selling its 34 radio stations to streamline business.
In the announcement, the company said the sale will save them more than $30 million dollars a year.
“Today, Scripps is a dynamic leader in the media industry through its strong local TV station portfolio, its growing multicast network, its national news network and its podcasting business,” Scripps president and CEO Adam Symson said. “The enterprise-wide restructuring positions us well for continued growth while maintaining high-quality journalism as our central focus.”
The sale will force layoffs over the next 12-18 months. Scripps has hired Kalil & Company, a media brokerage firm, to handle the sale.