Hubbard Radio Announces $85.5 Million Deal To Purchase 10 Sandusky Stations
July 16, 2013

Hubbard Radio, LLC announced today that it has entered into an asset purchase agreement to acquire 10 radio stations from Sandusky Radio: five stations in Seattle and five in Phoenix.

"This is an exciting opportunity to expand Hubbard Radio into two top 20 markets," said Virginia (Ginny) Morris, board chair of Hubbard Radio. "We have known and respected the Rau/White family, Sandusky’s owners, for many years. We admire what they have accomplished and we are honored that they would agree to sell us these established stations. We are committed to maintaining the dedication to excellence and to community that Sandusky has made such an important part of their radio operations."

The five Seattle stations involved in the transaction are: Standards KIXI-AM 880; Rhythmic CHR 92.5 KQMV-FM; News/Talk 1150 KKNW-AM; AC 106.9 KRWM-FM; and Hot AC 98.9 KLCK-FM. The five Phoenix stations are: Classic Rock 100.7 KSLX-FM; Active Rock 97.9 KUPD-FM; Rock 93.3 KDKB-FM; Oldies 1440 KAZG-AM; and Sports 1060 KDUS-AM.

Hubbard Radio President/CEO Bruce Reese stated, "Hubbard is excited about the chance to add these great stations to our existing operations in Chicago, Washington, DC, Minneapolis/St. Paul, St. Louis and Cincinnati. Sandusky runs very successful radio stations, and we plan on continuing that precedent. We look forward to working with our new colleagues."

Through the acquisition, Hubbard Radio will add 65 to 70 full time employees in each of the two markets. Reese said he expects no programming or personnel changes for any of the acquired stations. Hubbard Radio currently employs approximately 600 full-time employees.

Norman D. Rau, President of Sandusky Radio, commented, "Hubbard Radio, a private family-owned business, holds very similar values as our business. Hubbard has nine family members directly involved in the Hubbard companies. We believe the future of our listeners, employees and our customers could not be in better hands. As a significantly larger broadcasting company, Hubbard can give the Sandusky stations a potential for growth and scale that Sandusky on its own just could not give them."

The sale will end Sandusky’s 36-year history as a radio broadcaster and allow it to concentrate on the continuing digital transformation of its local print and online newspaper and marketing franchises.

Morgan Stanley is acting as financial advisors to Hubbard Radio in connection with the transaction and has issued commitments to provide debt financing for the acquisition. Under the terms of the asset purchase agreement, Hubbard Radio will acquire the radio stations for approximately $85.5 million. Other terms of the transaction were not disclosed. The sale is expected to be finalized upon FCC approval and other customary closing conditions.




 
Breaking News
Matt Bosso Named APD/MD At WODS/Boston
Sterling Simms Named UMPG Director of Creative
MIW Radio Group Names Beth Neuhoff The 2016 MIW Trailblazer
In Brief - August 23, 2016
August 22, 2016
Nielsen Audio Finds Los Angeles Metro Irregularities
iHeartMedia Salisbury-Ocean City, MD Names Dave Hovel SVP/Programming
Images from the 2016 iHeartMedia Music Summit
'Wake Up Call' Radio Host Welcomes Baby Boy
August 22, 2016
Jeff Smulyan Proposes to Take Emmis Private
WRVW (107.5 The River)/Nashville To Host Rooftop Pool Party With Demi Lovato & Nick Jonas
iHeartMedia Names Ryan McKiddy APD/MD At WSIX/Nashville
August 18, 2016
iHeartMedia Elevates Michael Preacher & Dave Carwile In North East Division
Bill Kelly To Join Cumulus Media As VP/Market Manager For Youngstown
iHeartRadio Surpasses 90 Million Registered Users
Three Broadcasting Execs Appointed to the Conclave Board of Directors
August 17, 2016
MSG Company Acquires 12% Stake in Townsquare Media
Scott Shannon To Host National Radio Hall of Fame Induction Ceremony
Mike O’Brian Re-Signs With Beasley’s KKLZ/Las Vegas
August 16, 2016
Republic Records Restructures Promotion Department, Adds Key Executives
iHeartRadio Music Awards Returning in 2017
In Brief - August 16, 2016
August 15, 2016
Cumulus Promotes Greg Smith to VP/GM of Detroit FM Stations
Cumulus-L.A. Re-signs The Heidi & Frank Show While Frosty Returns
John Mullett Promoted to MD at WBOS (ALT 92.9)/Boston
Music News
Second Frank Ocean Release Arrives Over the Weekend
Quick Hits: Justin Timberlake / Trolls soundtrack, Metallica, Jimmy Eat World, Big Boi & Killer Mike, Empire of the Sun
Quick Hits: Billboard 200, Bridge School Benefit, Lou Pearlman, Future, 3 Doors Down, Kings of Leon
Frank Ocean Releases "Visual Album" Endless
Lars Ulrich Talks New Metallica Record
Strange Days Indeed: An Interview with Garbage’s Shirley Manson
Metallica Announce New Album Hardwired...To Self Destruct
Drake Leads Nominees For BET Hip Hop Awards
Quick Hits: Kanye West, Lil Wayne
Paul McCartney Signs Worldwide Deal With Capitol Records
Lady Gaga Announces New Single, Cast in A Star Is Born
Quick Hits: Katy Perry, Nick Jonas / MTV VMAs, Tove Lo, Guns 'N Roses, Dawes
FMQB Photo Pass: 2016 Triple A Conference
Quick Hits: Britney Spears, Metallica, Global Citizen Concert, Bruce Springsteen, Jane's Addiction, YG
Suicide Squad Soundtrack Hits #1 on Billboard 200
FMQB NOW

          Question Of
           The Week

Advertisement:
Search FMQB.com
Advertisements:
FMQB Member Login
Email:
Pass:

Save
Not a member yet?
Sign up Now!
Sign Up for Breaking News!
Enter FMQB E-Tracking!