Hubbard Buys 17 Stations From Bonneville
Assumes Control Of Clusters In Four Major Markets
January 19, 2011 at 10:50 AM (PT)
HUBBARD BROADCASTING, INC. has agreed to acquire 17 radio stations BONNEVILLE INTERNATIONAL CORP. The purchase, reported to be for $505 million, entails BONNEVILLE clusters in CHICAGO, WASHINGTON, ST. LOUIS and CINCINNATI.
BONNEVILLE Pres./CEO BRUCE REESE will become Pres./CEO of HUBBARD RADIO, and COO DREW HOROWITZ will also remain on board. HUBBARD RADIO Pres. GINNY MORRIS will become Chair of HUBBARD RADIO LLC.
Included in the deal are Classic Hits WDRV-WWDV (THE DRIVE), Adult Hits WILV (REWIND 100.3), and Hot AC WTMX (THE MIX)/CHICAGO; News WTOP-WWWT-WTLP, News WFED-A/WWFD-A (FEDERAL NEWS RADIO), and Regional Mexican WBQH-A/WASHINGTON; Classic Hits WARH (THE ARCH), Country WIL, and Sports WXOS (101 ESPN)/ST. LOUIS and Hot AC WKRQ, Adult Hits WREW (REWIND 94.9), Country WUBE, and Country WYGY (97.3 THE WOLF)/CINCINNATI. BONNEVILLE will retain its LOS ANGELES, PHOENIX, and SEATTLE clusters and KSL BROADCASTING will hold onto the SALT LAKE cluster, with KSL COO JEFF SIMPSON overseeing the other markets as well.
"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," DMC Pres./CEO MARK WILLES said. "HUBBARD BROADCASTING, INC. 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."
"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 MORRIS.