Milwaukee-based Good Karma Brands has agreed to buy Milwaukee radio stations WTMJ and WKTI for $16 million from The E.W. Scripps Co.
The deal, expected to close in the fourth quarter, includes WTMJ stations 620 AM and 103.3 FM, and WKTI station 94.5 FM.
Good Karma owns six other radio stations, including Milwaukee’s WAUK 540 AM, all of which are ESPN affiliates. The company last year sold its Waukesha-based ESPN Deportes station, AM-WRRD 1510, to radio host Michael Crute.
Cincinnati-based Scripps indicated in January its plans to shed all 34 of the radio stations in its portfolio, which it identified as “non-core assets.” The company sold five stations in Tulsa, Oklahoma which it sold last month to Tulsa-based Griffin Communications.
“Good Karma Brands’ focus on Milwaukee makes the company an ideal home for these important local radio stations,” said Adam Symson, president and chief executive officer of Scripps. “The company’s expertise in connecting audiences and advertisers, particularly with sports marketing, means these stations will be well-positioned for the future.”