Bonneville International Corp. announced Wednesday its intent to sell KHTC-FM in Phoenix to Nationwide Radio for $34 million. This sale involves the eighth radio station Bonneville has sold or traded away this month.
Pending Federal Communications Commission approval, the sale of KHTC-FM means Bonneville will have reduced it radio properties from 20 to 13 this month.According to Bruce T. Reese, president and CEO of Bonneville International, this week's sale is part of the company's long-range strategy to respond to dramatic changes in radio ownership rules and the current realities of station ownership in the nation's radio markets.
Bonneville continues to own one station in Phoenix - KIDR-AM. Reese said the company is considering several possibilities for that station.
Earlier this month, on Jan. 6, Bonneville announced an exchange of properties with Entertainment Communications (Entercom) of Bala Cynwyd, Penn.
Under that agreement - also pending FCC approval - Bonneville gave Entercom all four of its radio stations in Kansas City and its only two radio stations in Seattle. In return, Entercom gave Bonneville KLDE-FM in Houston and $5 million.
Bonneville's presence in Houston means it now has radio stations in seven of the nation's top 10 radio markets.