St. Paul-based Hubbard Broadcasting, Inc., announced Tuesday
that it has struck a deal to acquire 10 radio stations for $85.5
million—marking its radio subsidiary’s first expansion into the Seattle and
Phoenix markets.
According to tcbmag.com, the agreement calls for Hubbard
Radio, LLC, to purchase the stations from Sandusky Radio, whose operator,
Sandusky Newspapers, will exit the radio business and focus on its 12
newspapers.
The acquisition, which is subject to approval from the
Federal Communications Commission, will expand Hubbard’s portfolio to include
five new stations in Seattle and five in Phoenix.
Hubbard Radio, which currently has about 600 full-time
employees, will also gain 65 to 70 new workers in each of the two markets where
it is expanding.
Hubbard Radio President and CEO Bruce Reese said in a
statement that the deal will add to the company’s existing 20 stations in the
Twin Cities; Chicago; Washington, D.C.; St. Louis; and Cincinnati.
SEE THE DEAL: Click Here.
SEE THE DEAL: Click Here.
The five Seattle stations Hubbard will acquire are: KIXI-AM
880, 92.5 KQMV-FM, 1150 KKNW-AM, 106.9 KRWM-FM, and 98.9 KLCK-FM.
The Phoenix stations include 100.7 KSLX-FM, 97.9 KUPD-FM,
93.3 KDKB-FM, 1440 KAZG-AM, and 1060 KDUS-AM.
Hubbard Radio is a wholly-owned subsidiary of Hubbard Broadcasting, a family-owned television and radio broadcasting corporation that was founded in 1923 by Stanley E. Hubbard. In 2011, the company struck a $505 million deal to buy 17 radio stations from Bonneville International Corporation.
Hubbard Radio is a wholly-owned subsidiary of Hubbard Broadcasting, a family-owned television and radio broadcasting corporation that was founded in 1923 by Stanley E. Hubbard. In 2011, the company struck a $505 million deal to buy 17 radio stations from Bonneville International Corporation.
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