Mormon church agrees to sell 17 of its Bonneville radio stations

Utah-based Deseret Management Corporation has entered into an agreement to sell 17 of its Bonneville International radio stations in four cities across the country.

DMC, a for-profit arm of The Church of Jesus Christ of Latter-day Saints, will sell stations in St. Louis, Chicago, Cincinnati and Washington, D.C., to Hubbard Broadcasting Inc. Under terms of the purchase agreement, the Minneapolis-based company will acquire the stations for $505 million.

The sale is expected to be finalized in April or May pending FCC and anti-trust approval. Neither company expects any snags.

"Bonneville has built all its media properties into profitable, well-managed media outlets in lucrative markets, which has made them attractive to many potential buyers through the years," said Mark Willes, DMC president and CEO.

Read the rest of this story at deseretnews.com
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