Mormon church agrees to sell 17 of its Bonneville radio stations

by | Jan. 20, 2011

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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.

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