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.