Bonneville International Corp. said Monday it has agreed to sell seven of its radio stations in Kansas City and Seattle in exchange for a Houston FM station and $5 million.
Under this agreement - yet to be approved by the Federal Communications Commission - Bonneville will give KIRO-AM, KIRO-FM and KNWX-AM of Seattle, plus KMBZ-AM, KLTH-FM, KCMO-AM and KCMO-FM of Kan-sas City to Entertainment Communications (Entercom) of Bala Cynwyd, Penn.In exchange, Salt Lake-based Bonneville will receive KLDE-FM in Houston and the $5 million.
The transaction marks the end of Bonneville's 33-year presence in the Seattle market. It sold KIRO-TV in 1995.
Entercom had owned KLDE since 1969.
"It's difficult to cut off the long-term relationships we've had with these stations and, more importantly, these people," said Bruce Reese, president and chief executive officer of Bonneville.
"Together, we believe we have significantly served the communities with quality programming and community involvement. Our acquisition of KLDE, the exclusive `oldies' station in the ninth-largest radio market, accurately reflects the plan we have for Bonneville's future in the rapidly changing broadcasting environment."
The sale leaves Bonneville with 14 radio stations and one TV station: KSL-TV and KSL-AM, Salt Lake City; KOIT-FM and KOIT-AM, San Francisco; KHTC-FM and KIDR-AM, Phoenix; KZPS and KDGE-FM, Dallas; WDBZ-FM, New York City; WTMX-FM, Chicago; KBIG-FM, Los Angeles; WWVZ-FM, WWZZ-FM and WXTR-AM, Washington, D.C. and now KLDE-FM, Houston.
Bonneville also operates six communications support companies.