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Hubbard To Pay $505M For Bonneville Radio Stations

Law360 (January 19, 2011, 5:34 PM EST) -- Hubbard Broadcasting Inc. has agreed to buy 17 radio stations from Bonneville International Corp., a media company indirectly owned by the Mormon church, for $505 million in order to extend its reach in a number of major cities.

The Minnesota-based broadcasting company, founded by radio tycoon Stanley E. Hubbard in 1923, said Wednesday that it had reached an asset purchase agreement for 17 of Bonneville's 26 radio stations.

Hubbard Broadcasting will use debt financing from Morgan Stanley Senior Funding Inc. and Goldman Sachs Bank USA to...
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