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.
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