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
RAB Report: Radio Shows Double-Digit Growth In Digital Revenue For Q3
Jaysson Reno Named VP, Sales For KGO-AM, KSFO-AM
Kassof Research: CHR P1's: Excited & Social
In Brief - November 21, 2014
November 20, 2014
Cumulus Promotes Jeff Davis To National Director Of Stratus Music Scheduling
Mike Fredrick Named Hubbard Radio Cincinnati VP/Market Manager
Hubbard Radio Announces New Division, 2060 Digital, LLC
Kassof Research: Christian Radio P1’s: Mission Accomplished
In Brief - November 20, 2014
November 19, 2014
Musicians On Call Raises $700,000 At 15th Anniversary Celebration
iStreamMEDIA Adds Christopher Cottrill As VP/Music Content, Programming
Jordan Blaugrund Promoted To VP, Digital Marketing, RCA Records
DeVito/Verdi Retained To Drive Awareness Of NextRadio App
Kassof Research: Rock P1’s: Too Cool to Care?
In Brief - November 19, 2014
November 18, 2014
100.3 The Beat Launches In St. Louis
MADE Music Announces Partnership With Vevo
Kassof Research: Urban P1’s: Into It!
Southern California Radio Roars Back In October
In Brief - November 18, 2014
November 17, 2014
Vevo Announces Leadership Transition
BMG Acquires Vagrant Records
Republic Records Names Delmar Powell Director of Urban A&R
Gordon Smith, NAB To Be Honored By Broadcasters Foundation Of America
Kassof Research: News/Talk P1's: It's Not About Happy
In Brief - November 17, 2014
Music News
Iggy Azalea, J. Lo To Team Up on AMAs
Quick Hits: Saturday Night Live, Billboard Touring Awards, YouTube Music Awards, Arcade Fire
Quick Hits: One Direction, Taylor Swift, Young The Giant, Guns N' Roses, Jimmy Ruffin
Taylor Swift's 1989 Remains At #1
Quick Hits: U2, Katy Perry, Paramore, Lana Del Rey, The Voice
Foo Fighters Announce Major 2015 North American Tour
Ed Sheeran Launches "Thinking Out Loud"
Quick Hits: American Music Awards, New Now Next Awards / Jessie J, Smashing Pumpkins, Prince Royce, Marilyn Manson, The Decemberists, Bonnaroo, James Blunt
U2 Postpones Tonight Show Residency
Quick Hits: AC/DC, J. Cole, Giorgio Moroder, alt-J, Lollapalooza South America
Kid Rock Gearing Up For First Kiss
The Week In Review: 11/10-11/14
Quick Hits: Paramore, AC/DC, Ryan Seacrest‘s New Year’s Rockin’ Eve
Quick Hits: One Direction, Juvenile, Randy Jackson, MTV Awards shows
Taylor Swift 1989 Holds On To #1
FMQB NOW

Jon Zellner
SVPP, iHeartMedia

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!