Hubbard Radio Acquires 10 Stations From Sandusky
5 Stations Each In Seattle And Phoenix
July 16, 2013 at 9:57 AM (PT)
HUBBARD RADIO has entered into an asset purchase agreement to acquire 10 radio stations from SANDUSKY RADIO, adding five radio stations in SEATTLE and five in PHOENIX, for approximately $85 million The five SEATTLE stations include Adult Standards KIXI-A, Top 40/Mainstream KQMV, News KKNW-A, AC KRWM and Hot AC KLCK. The five PHOENIX stations are Classic Rock KSLX, Active Rock KUPD, Rock KDKB, Oldies KAZG-A and Sports KDUS-A.
"This is an exciting opportunity to expand HUBBARD RADIO into two top-20 markets," HUBBARD RADIO Board Chair VIRGINIA (GINNY) MORRIS said. "We have known and respected the RAU/WHITE family, SANDUSKY’s owners, for many years. We admire what they have accomplished and we are honored that they would agree to sell us these established stations. We are committed to maintaining the dedication to excellence and to community that SANDUSKY has made such an important part of their radio operations."
"HUBBARD is excited about the chance to add these great stations to our existing operations in CHICAGO, WASHINGTON, DC, MINNEAPOLIS/ST. PAUL, ST. LOUIS and CINCINNATI," HUBBARD Pres./CEO BRUCE REESE stated. "SANDUSKY runs very successful radio stations, and we plan on continuing that precedent. We look forward to working with our new colleagues." REESE added that he expects no programming or personnel changes for any of the acquired stations.
"HUBBARD RADIO, a private family-owned business, holds very similar values as our business," SANDUSKY RADIO Pres. NORMAN D. RAU said. "HUBBARD has nine family members directly involved in the HUBBARD companies. We believe the future of our listeners, employees and our customers could not be in better hands. As a significantly larger broadcasting company, HUBBARD can give the SANDUSKY stations a potential for growth and scale that SANDUSKY on its own just could not give them."
The sale ends SANDUSKY’s 36-year history as a radio broadcaster and allow it to concentrate on the continuing digital transformation of its local print and online newspaper and marketing franchises.