The E.W. Scripps Company has reached an agreement to sell its two radio stations in Milwaukee to Good Karma Brands for $16 million.
Wisconsin-based Good Karma Brands is purchasing WTMJ (620 AM and 103.3 FM) and WKTI (94.5 FM). The transaction is expected to close in the fourth quarter.
“Good Karma Brands’ focus on Milwaukee makes the company an ideal home for these important local radio stations,” Adam Symson, Scripps president and CEO said. “The company’s expertise in connecting audiences and advertisers, particularly with sports marketing, means these stations will be well positioned for the future.”
Good Karma Brands is a sports marketing company based in Milwaukee. It owns and operates six ESPN-affiliated radio stations, including WAUK (540 AM) in Milwaukee and WTLX (100.5 FM) in Madison.
The sale is the second in what Scripps expects to be a series of radio sale transactions. In June, it announced the sale of five radio stations in Tulsa, Oklahoma, to Tulsa-based Griffin Communications. The company announced in January its intent to sell its portfolio of 34 radio stations in eight markets.
