Hubbard Broadcasting has entered an asset purchase agreement to acquire 17 radio stations from Bonneville International Corporation. The stations include the Washington, DC, Chicago, St. Louis and Cincinnati markets. Hubbard will acquire the outlets for approximately $505 million.
"We have long admired the good work, reputation and leadership of Bonneville International and its management team and feel honored to welcome these great stations into the Hubbard family of companies," said Virginia Morris, who will become chair of the new Hubbard Radio upon closing. "With the proliferation of media in this internet age, local and free over the air radio remains a mainstay in the lives of virtually all Americans."
Hubbard owns several TV stations, including KSTP Minneapolis. Bonneville owns TV station KSL Salt Lake City.
The deal is subject to FCC approval.
"Bonneville has built all its media properties into profitable, well-managed media outlets in lucrative markets, which has made them attractive to many potential buyers through the years," said Mark Willes, President and CEO of Deseret Management Corporation, Bonneville's parent. "Hubbard Broadcasting is a well-respected business that represents many of the same values Bonneville embraces, which we took into consideration when the company approached us. We felt Hubbard's long term hold strategy was the right fit for these stations."