Kirton McConkie closes largest radio deal in past five years
Kirton McConkie announced the Deseret Management Corporation (DMC) and Bonneville International Corporation (BIC) sale of 17 radio stations in four markets to Hubbard Broadcasting, Inc. closed on April 28, 2011. This is the largest radio industry transaction in the country in the past five years and one of the top five deals in Utah during the past five years.
Under the terms of the asset purchase agreement, Hubbard Broadcasting acquired clusters of radio stations in Cincinnati, St. Louis, Chicago and Washington D.C. in a cash transaction of approximately $505 million.
Representing client DMC/BIC were Kirton McConkie attorneys led by Robert Hyde with Gary Winger as lead corporate counsel. Rob Hyde is a Shareholder and Chairman of Kirton McConkie's Board of Directors. He also serves as the General Counsel of DMC, the for-profit holding company of BIC. Gary Winger is a Shareholder and Chair of the firm’s Corporate and Business section.