Bonneville owned DC based radio station WTOP-FM has just been sold to Hubbard Broadcasting Inc. in an all-cash deal valued at $505 million. WTOP is one of the 17 radio stations being sold in this deal. This is big news being that WTOP is the top-ranked radio station in the DC market as well as a cash machine. In 2009 WTOP had $51.03 million in revenue – the second highest annual revenue in the nation behind KIIS in LA.
Minneapolis based Hubbard Broadcasting will acquire these stations along with two top Bonneville executives.
Bonneville has owned WTOP for nearly 14 years – it was acquired from Evergreen Broadcasting back in 1997. Bonneville will keep its existing stations in LA, Phoenix, Seattle and Salt Lake City (where the company is based).
Bonneville Senior Regional Vice President Joel Oxley says “There will be no changes as a result of the sale so it will be business as usual for WFED and WTOP”. He will remain Senior Vice President and oversee Hubbard’s new Washington station.