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Salt Lake City (AP)

Hubbard Broadcasting buys 17 radio stations

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Hubbard Broadcasting Corp., based in Minneapolis, is purchasing 17 radio stations from Bonneville International, which is based in Salt Lake City, Utah.

A Bonneville news release announced the $505 million cash acquisition on Wednesday.

The stations being acquired by Hubbard are in Chicago, St. Louis, Cincinnati and Washington, D.C.

Hubbard chairman Virginia Morris said in a statement the deal will boost the company workforce by 547 employees. The company currently employs 164 people.

Two Bonneville executives will transition to Hubbard, as well.

Hubbard is family-owned. It already owns radio and television stations in Minnesota, New Mexico and New York state.

Bonneville is a for-profit arm of the Church of Jesus Christ of Latter-day Saints. It still owns stations in Arizona, California, Utah and Washington state.

(Copyright 2011 by The Associated Press. All Rights Reserved.)