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Bonneville Selling 17 Radio Stations To Hubbard

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SALT LAKE CITY (AP) — Salt Lake City-based Bonneville International says it is selling 17 radio stations to Minneapolis-based Hubbard Broadcasting Corp.

A Bonneville news release announced the $505 million cash acquisition on Wednesday.

The stations being acquired are in Chicago, St. Louis, Cincinnati and Washington, D.C.

Hubbard chairman Virginia Morris says in a statement the deal will boost Hubbard Radio’s work force by 547 employees. The company currently employs 154 people.

Two Bonneville executives will transition to Hubbard as well.

Hubbard is family-owned. It already owns radio and television stations in Minnesota, New Mexico and New York state.

Bonneville is a for-profit arm of The Church of Jesus Christ of Latter-day Saints. It still owns stations in Arizona, California, Utah and Washington state.

(© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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