Hubbard Deal to Purchase Bonneville Stations Closes
The Bonneville sale of 17 stations in four markets (Chicago, DC, St. Louis and Cincinnati) Hubbard Broadcasting closed this past Friday. It was a $505 million deal. The stations in the deal are: WARH, WIL and WXOS/St. Louis; WDRV, WILV, WTMX and WWDV/Chicago; WTOP, WFED, WWWT, WTLP, WBHQ, and WWFD/Washington; and WKRQ, WREW, WUBE, and WYGY/Cincinnati. Hubbard Radio President Ginny Morris becomes chair of the newly formed Hubbard Radio. Bonneville President/CEO Bruce Reese joins Hubbard as president and CEO of the new company now called Hubbard Radio.
Bonneville is not leaving the radio business; it's keeping its stations in Los Angeles, Phoenix, Seattle, and Salt Lake City, with their managers and staff. KSL Broadcasting COO Jeff Simpson takes oversight of the remaining stations. Hubbard's employee roster expands by 547 with the purchase of the Bonneville stations; the company said it does not expect to make any programming or personnel changes at the stations after closing.