NEW YORK — Radio operator Spanish Broadcasting System got a boost to its presence in the Chicago market Friday, picking up three stations in the Windy City from broadcasting rival Big City Radio for a total of $22 million in cash.
Deal, which is expected to close in the second quarter of this year, includes WDEK, WKIE and WKIF. After the closing, Spanish Broadcasting will boast a Chicago cluster of four FM stations, including its existing outlet WLEY.
Sale is the second in as many days for Big City, which unloaded its Highland Park, Ill., FM station WXXY-FM to Hispanic Broadcasting for $33 million.
Spanish Broadcasting, which currently owns 24 stations in seven of the country’s top 10 Hispanic markets, traded 2.7% lower in Friday’s market, ending the day at $7.10. Big City, meanwhile, gained nearly 8% to close at $1.40.