Hubbard will pay Bonneville $505 million for the stations, which are located in four markets–Chicago, St. Louis, Cincinnati, and Washington, D.C.
Many of the stations being acquired are among their market’s highest rated. News and information station WTOP-FM is tops among listeners in D.C. and WUBE-FM ranks second in Cincinnati.
Based in St. Paul, Hubbard Broadcasting currently owns TV stations in New Mexico and New York state, as well stations throughout Minnesota.
The Wall Street Journal notes that the deal “may be a sign of a thaw in the buying and selling of traditional media assets.”
- Nexstar Buying Las Vegas Station KLAS for $145 Million
- Meredith's Local Media Group Revenue Up 39% to $125 Million in Fiscal First Quarter
- Broadcasting Companies Get Bigger, But Their Backs Are Still Against the Wall
- Robert Allbritton on Sinclair Deal: 'It’s Great To Do a Deal, But it’s Kind of Tough to Walk Away'