ST. PAUL, Minn. (AP) -- Hubbard Broadcasting plans to expand into larger radio markets in a big way.
The St. Paul-based broadcast company says it's acquiring 17 radio stations in a $505 million deal. The stations are currently owned by Bonneville International Corp. of Salt Lake City, Utah.
The deal includes stations in Chicago, St. Louis, Cincinnati and Washington, D.C. Hubbard currently owns four radio stations and 12 TV stations in Minnesota, Wisconsin, New York and New Mexico.
Virginia Morris will lead the newly-created Hubbard Radio. Morris says the stations have strong brand presence in their markets and are "solid properties."
The St. Paul Pioneer Press says the acquisition is expected to close this spring and needs Federal Communications Commission approval.
Information from: St. Paul Pioneer Press, http://www.twincities.com
(Copyright 2011 by The Associated Press. All Rights Reserved.)