The E.W. Scripps Co. plans to sell all of its 34 radio stations, including four in Knoxville, as part of a restructuring effort, the company announced Thursday.
Scripps owns Knoxville stations WCYQ (Q100.3), WKHT (Hot 104.5), WNOX (Classic Hits 93.1) and WWST (Star 102.1).
The company said in a news release Thursday the restructuring will create cost reductions expected to save more than $30 million in annual costs. The cost savings will come through reduction of staff and operating expenses over the next 12-18 months, Scripps said.
“The enterprise-wide restructuring positions us well for continued growth while maintaining high-quality journalism as our central focus," Scripps President and CEO Adam Symson said in a news release.
Scripps has retained Kalil & Co. Inc., a media brokerage firm, to handle the sale of the radio stations.
“Our restructuring analysis also led us to determine the time is right to find a new owner for our radio group that can provide the focus and resources the stations and their creative, devoted employees deserve," Symson said.
Scripps also owns 33 television stations.
