Scripps took a step to unload the last vestiges of its failed entry home shopping, cutting a $170 million deal to sell five TV stations had carried Shop At Home television.
The buyer is Multicultural Broadcasting, new unit of Multicultural Radio Broadcasting. The company specializes radio targeting foreign-language speakers and has programmed stations in Mandarin, Cantonese, Korean, Russian, Spanish, and Vietnamese. Much of the radio time is sold to outside programmers.
The stations are WMFP Boston; WOAC Cleveland; WRAY Raleigh-Durham, N.C.; WSAH Bridgeport, Conn.; and KCNS San Francisco.
Shop At Home was a rare financial mistake for Scripps. The company bought the network and the stations in 2003 for $285 million in two transactions, sold the network for a mere $17 million and is now getting just $170 million for the stations.
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