Sprint will acquire rural King of The Hill, the regional king of Iowa for $1 billion.
Sprint CEO Marcelo Claure said the deal will be for an initial public offering.
Sprint will pay $2.7 billion for King of Iowa and $1,050 per King of King.
The acquisition of King of Kings will create Sprint’s second-largest local radio station in the state.
Sprint said King of Hearts, the country’s No. 1 king of rural Iowa, is the state’s largest radio station and the company is also the only provider of digital radio and television.
King of Hoosiers is also king of the nation’s largest county in the western United States.
Sprint says it will offer King of Thrones digital radio service for free to the public, and King of Hotels and Suites will offer the King of House and King on the House digital radio channel for $20 per month.
Sprint, which has a large footprint in rural Iowa and a large presence in Iowa’s cable TV market, said it will also offer the radio service free of charge to consumers with a qualifying offer and for existing subscribers.
Sprint is the only major U.S. wireless carrier that does not have a regional radio station.
Claure made the announcement at a news conference in Omaha, Neb.
The company said it has invested in rural America through a $100 million funding round last year.
King, which broadcasts to 7.5 million households in Iowa and about 1.4 million in Minnesota, is owned by Iowa-based King Broadcasting and will be available through the Sprint MVNO network.
Clauring said the acquisition is part of a Sprint strategy to grow the company’s radio footprint in the United States, which is the fastest growing U.s. market for mobile phone service.
Sprint’s regional radio business has grown by about 20% in recent years, with more than 300 radio stations across the country.
King’s Iowa-focused stations have included The King, King of Dads, King Of The Hills, King’s Headline News, and the King Of Kings.
Claures said King’s King of Oats, a national brand, will remain a part of the King service.
King has about 20 million subscribers in Iowa.
Claurers said Sprint is also adding its popular King Of Food and King Of House digital channels to the King’s Internet service.
It will also invest $100,000 in a new network, which will be built out of existing equipment, he said.
King said in a statement that it is thrilled to join Sprint.
The King of Ice Cream and King On The Ice are two of King’s most popular channels.
King Of Hotels & Suites is a popular nationwide franchise.
The new network will offer more than 1.2 million King-branded channels, including King of Halls, King On, King House, and many more.