CBS Corporation Signs Definitive Agreement With Border Media Partners, LLC to Sell Two Radio Stations in San Antonio, TX
Posted on: Wednesday, 23 August 2006, 12:00 CDT
NEW YORK, Aug. 23 /PRNewswire-FirstCall/ -- CBS Corporation announced today that it has reached agreement to sell its radio stations in San Antonio, Texas, KTSA-AM and KJXK-FM, to Border Media Partners, LLC for $45 million in cash. The transaction is subject to customary conditions, including regulatory and other approvals.
In May, the Company announced its intention to explore the divestiture of radio stations in ten of its smaller markets. On August 21, 2006, Entercom Communications Corp. announced its purchase of 15 CBS radio stations in four markets: Austin, TX, Cincinnati, OH, Memphis, TN, and Rochester, NY. With the sale of KTSA-AM and KJXK-FM to Border Media Partners, LLC, the Company has sold a total of seventeen radio stations in five markets.
Border Media Partners (BMP) is the largest privately held Hispanic radio company in the United States by number of stations. It is one of the few Hispanic-owned radio companies in the country and operates in six Texas markets. With the acquisition of the CBS properties, BMP will strengthen its San Antonio station cluster and will own 37 radio stations across the state.
CBS Corporation is a mass media company with constituent parts that reach back to the beginnings of the broadcast industry, as well as newer businesses that operate on the leading edge of the media industry. The Company, through its many and varied operations, combines broad reach with well-positioned local businesses, all of which provide it with an extensive distribution network by which it serves audiences and advertisers in all 50 states and key international markets. It has operations in virtually every field of media and entertainment, including broadcast television (CBS and UPN), cable television (Showtime and CSTV Networks), local television (CBS Television Stations), television production and syndication (CBS Paramount Television and King World), radio (CBS Radio), advertising on out-of-home media (CBS Outdoor), publishing (Simon & Schuster), theme parks (Paramount Parks), digital media (CBS Digital Media Group and CSTV Networks) and consumer products (CBS Consumer Products). In Fall 2006, UPN will cease operations and The CW, a new fifth broadcast television network, will launch as a joint venture between CBS Corporation and Warner Bros. Entertainment. For more information, log on to http://www.cbscorporation.com/ .
CBS Corporation
CONTACT: Shannon Jacobs, CBS Corporation, +1-212-975-3161,sljacobs@cbs.com, or Karen Mateo, CBS Radio, +1-212-846-7638,karen.mateo@cbsradio.com; or Tom Castro, BMP President, +1-713-968-4400,tcastro@bmpradio.com
Web site: http://www.cbscorporation.com/
Company News On-Call: http://www.prnewswire.com/comp/185007.html
Source: PRNewswire-FirstCall
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