Deal estimated at over $250 mil
Spanish-language radio operator Latin Communications Group signed a pact Wednesday to merge into Univision station group owner Entravision Communications Co. for in excess of $250 million.
The coupling will create one of the largest Spanish-language media congloms in the U.S., housing 17 TV stations, 26 radio stations and the dominant Gotham-based Spanish paper el diario. The deal is expected to close this spring, upon review by the Federal Communications Commission.
“The acquisition of Latin Communications Group positions Entravision to aggressively expand in the important radio segment as a complement to our strength in television,” said Entravision chair and CEO Walter Ulloa.
Currently, Los Angeles-based Entravision owns and operates 16 Univision affils and nine U.S. radio stations. Its prexy and chief operating officer is Philip Wilkinson.
Echoing Ulloa’s enthusiasm over the merger Latin Group chair Mary Payson said, “We are pleased to place these special businesses in the hands of people who share our vision and who will continue to serve the Hispanic community in the U.S. with high quality programming.”