January 25, 2018 / 3:12 PM / a year ago

Scripps to sell all its 34 radio stations

Jan 25 (Reuters) - E.W. Scripps Co said on Thursday it plans to sell all its 34 radio stations and cut related jobs as the broadcasting company tries to beef up its television portfolio while keeping a check on costs.

As a result, Scripps said it expects to save up to $30 million a year. The move follows a U.S. Federal Communications Commission decision in November to review rules capping television station ownership.

Scripps, which owns 33 TV stations, said it is drawing up a plan for a “more durable TV station portfolio” as it tries to withstand the anticipated shift in the industry from the regulatory changes.

The FCC decision is likely to spur consolidation in the industry as big media houses like Tegna Inc, CBS Corp , Nexstar Media Group Inc and Twenty-First Century Fox Inc have been pushing for a change in regulations that would allow them to expand.

Shares in Cincinnati, Ohio-based company were trading up 1.5 percent at $16.23 on Thursday after losing nearly 20 percent of its market value in 2017.

Reporting by Muvija M in Bengaluru; Editing by Arun Koyyur

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