The Following is a Press Release From Bonneville International Corporation, the parent company of KSL-TV, KSL Newsradio 1160.
November 7, 2002
Bonneville International Corporation and Simmons Media Group today announced an agreement under which Bonneville and its affiliates will acquire 15 radio stations from Simmons. The stations are located in three markets in the Intermountain area.
The three markets and the stations being acquired are--
Salt Lake City, UT
- KQMB (FM) 102.7
- KRSP (FM) 103.5
- KSFI (FM) 100.3
- and a new AM station, in the early stages of
construction, to broadcast at 820 kHz
Blackfoot/Idaho Falls/Pocatello, ID
- KCVI (FM) 101.5
- KFTZ (FM) 103.3
- KLCE (FM) 97.3
- KPLV (FM) 105.5
- KZNR (AM) 690
- KZNI (AM) 1260
- KBLI (AM) 1620
St. George/Cedar City, UT
- KREC (FM) 98.1
- KSNN (FM) 93.5
- KDXU (AM) 890
- KUNF (AM) 1210
Bruce Reese, president/CEO of Bonneville International, said, "We are extremely excited about this opportunity. These are great radio stations with terrific staffs. In a period of rapid consolidation in radio and television, this acquisition gives us the size to continue to be a significant local player in our historic headquarters territory." Reese noted that two other companies, Clear Channel and Citadel, already own seven radio stations each in Salt Lake City.
David Simmons, president/CEO of Simmons Media, said, "Bonneville is a broadcaster with a strong sense of community and a commitment to its people. We know that our stations and our people will be able to continue to grow in this new environment."
KSFI, known in Salt Lake as "FM 100," was the first of Simmons' radio stations, purchased from Bonneville in 1978. Reese said, "We're excited to get it back after 25 years; the Simmons have certainly improved FM 100 over what we sold them."
The proposed transaction, like every transfer of a radio station license, requires approval by the Federal Communications Commission. The four Salt Lake stations present a particular issue for the FCC, Reese explained. Current FCC regulations prohibit Bonneville from owning additional radio stations covering Salt Lake, because a sister corporation owns the Deseret News, a Salt Lake City daily newspaper. "The newspaper-broadcast cross-ownership rule is under review by the FCC at this time," Reese said. "In this era of proliferation of media outlets, many of which are unregulated as to both reach and content, we believe the FCC will eliminate the rule. We obviously can't buy the Salt Lake stations without Commission approval, but we're optimistic that approval will come." The FCC has publicly committed to conclude its review by Spring 2003.
Bonneville International, headquartered in Salt Lake City since 1964, is the 12th-largest radio operator in the country, based on audience reach and revenues. "The hard work of our radio stations throughout Bonneville's history funds our ability to
expand," Reese said. "Today, our managers and staffs at the stations in Chicago, San Francisco, Washington, D.C., St. Louis and at KSL (AM) in Salt Lake are among the best and most successful in radio, and they will fund our future growth."
Bonneville also operates television station KSL 5, Salt Lake's NBC affiliate and among the most respected local TV news operation in the country. Bonneville is solely owned by Deseret Management Corporation, which is affiliated with The Church of Jesus Christ of Latter-day Saints.
Simmons is also headquartered in Salt Lake City. After closing this sale, Simmons will still own 8 radio stations in Salt Lake City and St. George, Utah; Albuquerque, New Mexico, and Austin, Texas. Simmons also owns an outdoor advertising business in Utah. It recently closed on the sale of five radio stations in Albuquerque, New Mexico to Hispanic Broadcasting Corporation.
Simmons is represented in the transaction by Peter Handy of Star Media.
