Maryland Daily Record Maryland's trusted source for business and legal news
SALT LAKE CITY — 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. In Washington, Bonneville owns all-news WTOP and federal news outlet WFED.
Hubbard Chairman Virginia Morris said in a statement the deal will boost the company work force by 547 employees. The company employs 164 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.
