New York, NY–(HISPANIC PR WIRE)–October 19, 2006–InterMedia Partners, L.P., a New York-based private equity firm, announced today that it has agreed to purchase WAPA-TV, a full-power independent television station located in San Juan, Puerto Rico, for $130 million in cash from LIN TV Corp.
WAPA-TV is one of the three national broadcasters in Puerto Rico. As part of the purchase, InterMedia will also be acquiring WJPX-TV, which is programmed as MTV Puerto Rico, and WAPA America, a U.S. cable and satellite channel targeting Hispanics.
Alan Sokol, former Chief Operating Officer of Telemundo and a Senior Investment Partner at InterMedia, said, “Puerto Rico is a unique broadcast television market with great tradition and tremendous potential. As the leader in news and original programming, WAPA represents a wonderful media growth opportunity, both within Puerto Rico and as a platform to reach Hispanics in the continental United States.”
Jose Ramos, President of WAPA-TV, added, “The managers and employees of WAPA-TV are really looking forward to this transaction. InterMedia’s strong operating expertise and specific experience in the Puerto Rico and U.S. Hispanic markets give us great confidence that WAPA will be the most innovative and dynamic broadcaster in Puerto Rico.”
Leo Hindery, Co-Managing Partner of InterMedia, said “WAPA is a terrific asset with significant continued potential in Puerto Rico. It also represents the first step in InterMedia’s plan to better serve the Caribbean Hispanics living in the United States. WAPA’s strength in local programming gives us a great building block on which to grow, and we are excited to be working with the very able management team and employees of WAPA to make this happen.”
InterMedia is a private equity investment firm that makes control investments in media companies. Currently investing its seventh fund, InterMedia is focused on media content catering to underserved audiences.