DALLAS–(HISPANIC PR WIRE – BUSINESS WIRE)–March 18, 2003–Hispanic Broadcasting Corporation (“HBC”)(NYSE:HSP) announced today that it has agreed to acquire the assets of KTND(FM) from entities owned by Simmons Media Group. The station operates at 107.7 MHz and is licensed to Georgetown, Texas, and serves Georgetown, Austin and surrounding communities. The purchase price is approximately $16 million. The acquisition of KTND(FM) represents the Company’s first entry into the Austin, Texas market. The Company plans to commence operation of KTND(FM) under a time brokerage agreement beginning April 15, 2003. Closing of the acquisition, which is subject to regulatory approval and other closing conditions, is expected to occur during the third quarter of 2003. HBC expects to finance the purchase of KTND(FM) with bank borrowings.
McHenry T. Tichenor, Jr., President and Chief Executive Officer of HBC, commented, “We are excited about establishing a presence in this key central-Texas region with a fine facility serving Austin, Georgetown, and the surrounding area.” David Simmons, President of Simmons Media Group, said, “We love being a part of the Austin business community and are delighted to welcome Hispanic Broadcasting Corporation to such an important market. They are outstanding broadcasters with strong community interests. We are looking forward to continuing our own involvement in Austin with KWNX(AM).” Peter Handy of Star Media represented Simmons Media in this transaction.
Hispanic Broadcasting Corporation, the largest Spanish-language radio broadcaster in the United States, currently owns and/or operates 63 radio stations in fifteen of the top twenty-five U.S. Hispanic markets. The Company also owns and operates a network of Hispanic community-focused bilingual web sites found at http://www.netmio.com.
Hispanic Broadcasting Corporation
Jorge Plasencia, 305/569-3130