DALLAS–(HISPANIC PR WIRE – BUSINESS WIRE)–Nov. 4, 2002– Hispanic Broadcasting Corporation (the “Company”) (NYSE:HSP) today announced that it has acquired five FM radio stations from Simmons Media Group serving Albuquerque and Santa Fe, New Mexico, for approximately $22.5 million.
McHenry T. Tichenor, Jr., President and Chief Executive Officer of Hispanic Broadcasting Corporation said, “We are pleased to enter Albuquerque and Santa Fe through the purchase of five FM stations from Simmons Media and welcome to our Company a capable team of broadcasters operating these stations today. We look forward to working with them to build on their past success.”
David Simmons, President of Simmons Media Group said, “We are extremely pleased to see Hispanic Broadcasting enter the Albuquerque and Santa Fe markets through the acquisition of our FM stations. These communities are gaining an excellent new corporate citizen with an outstanding reputation for their integrity, fairness, and superb programming capabilities. The Hispanic community will be especially well served by new outlets for programming and marketing opportunities.”
Two of the five FM radio stations launched Spanish-language formats today. KOSZ(FM) is now programmed in a Spanish Adult Contemporary format, and KKRG(FM) is now programmed in a Regional Mexican format.
KIOT(FM), a Classic Rock/Classic Hits format and formerly known as “Arrow,” has been renamed “Coyote,” KRQS(FM) Smooth Jazz will still be known as “The Horizon,” while KKSS(FM) a Contemporary Hit Radio Station continues as “KISS.”
Peter Handy of Star Media Group served as broker for the transaction.
With this acquisition, Hispanic Broadcasting Corporation, the largest Spanish-language radio broadcaster in the United States, now owns and operates 60 radio stations in fifteen of the top twenty Hispanic markets. The Company also owns and operates a network of Hispanic community-focused bilingual web sites found at http://www.netmio.com, and its corporate website can be found at http://www.HispanicBroadcasting.com.
Hispanic Broadcasting Corporation, Dallas
Jorge Plasencia, 305/569-3130