Sinclair Broadcast Group is selling its four radio stations in Seattle to Lotus Broadcasting for $18 million.
The deal will see Lotus acquire News 1000 KOMO Seattle/97.7 KOMO-FM Oakville, Hot AC “Star 101.5” KPLZ Seattle and Conservative Talk 570 KVI Seattle.
Founded in 1962 with the purchase of 1330 KWKW Los Angeles, Lotus currently owns 44 stations in nine west coast markets: Bakersfield, Boise, Fresno, Las Vegas, Los Angeles, Onxard/Ventura, Reno, Sacramento and Tucson. The company also has low-power television properties in Houston and Phoenix.
Sinclair had acquired the Seattle radio stations as part of its 2013 acquisition of Fisher Communications. The company has no other radio properties.
Lotus Communications announced today they have entered into a definitive agreement with Sinclair Broadcast Group Inc.’s wholly-owned subsidiary, Sinclair Television Group Inc., whereby subject to FCC approval, Lotus Communications Corporation will acquire Sinclair’s radio stations in the Seattle, Washington metropolitan area for an aggregate purchase price of approximately $18 million in cash and other considerations. the deal includes News Radio KOMO 1000 AM & 97.7 FM, KPLZ “Star” 101.5 FM, and Talk Radio KVI 570 AM.
Lotus First SVP Jim Kalmenson commented, “We are excited to work with the amazing staff at KOMO, KPLZ, and KVI. These are legendary stations which share Lotus’s vision of producing local programming to serve the community, enhance local neighborhoods, and support our home town businesses. Seattle is home to several excellent broadcasting companies who have made this a great radio market.”
Richard A. Foreman Associates. Inc initiated the transaction and acted as exclusive broker representing Sinclair Broadcast Group
This story first appeared on radioinsight.com