Minneapolis-St. Paul - Jan 19, 2011 - Hubbard Broadcasting has entered into an asset purchase agreement to acquire 17 radio stations from Bonneville International Corporation. The acquisition strengthens Hubbard Radio's national reach, with the addition of the stations in four strategic markets, including Washington, D.C., Chicago, St. Louis and Cincinnati. The company expects no programming or personnel changes for any of the acquired radio stations subsequent to the transaction.
As a result of the acquisition, Hubbard Radio will add 547 employees, bringing its total full and part-time employees to 701. As part of the acquisition, Bruce Reese, president and chief executive officer of Bonneville International, will assume that same role for Hubbard Radio. Reese has been with Bonneville for nearly 27 years and was appointed to his current position in 1996. Prior to joining Bonneville, Reese practiced law with firms in Washington, D.C., and Denver. He began his legal career with the Antitrust Division of the Justice Department in Washington, D.C. In addition, Drew Horowitz, COO of Bonneville International, will also join the Hubbard team. Horowitz is a 35 year veteran of radio management, holding senior level positions in sales and station management.
Under the terms of the asset purchase agreement, Hubbard Broadcasting will acquire the radio stations for approximately $505 million. Other terms of the transaction were not disclosed. The sale is expected to be finalized upon FCC approval and other customary closing conditions.