SBS On Track To Close LA Radio Stations Sale.
December 3, 2005
Spanish Broadcasting System, Inc. announced that its asset purchase agreement with Styles Media for the sale of SBS radio stations KZAB-FM and KZBA-FM (currently operating as KDAY-FM and KDAI-FM in Southern California) remains on track to close on or before January 31, 2006.
In conjunction with the terms of the purchase agreement, Styles has released to SBS a payment of $20 million that will be credited towards the purchase price at closing. Today’s payment, taken together with the previously released $35 million escrow by Styles, represents an aggregate of $55 million received by SBS and credited towards the purchase price at closing.
Raul Alarcon, President and CEO of SBS commented, “Today’s announcement is another step toward the closing of this transaction, and we’re very confident that the remaining $65 million balance will be received by January 31st.”