Hubbard will pay Bonneville $505 million for the stations, which are located in four markets–Chicago, St. Louis, Cincinnati, and Washington, D.C.
Many of the stations being acquired are among their market’s highest rated. News and information station WTOP-FM is tops among listeners in D.C. and WUBE-FM ranks second in Cincinnati.
Based in St. Paul, Hubbard Broadcasting currently owns TV stations in New Mexico and New York state, as well stations throughout Minnesota.
The Wall Street Journal notes that the deal “may be a sign of a thaw in the buying and selling of traditional media assets.”