Davidson Media Group …. SOLD!
January 13, 2009
Davidson Media Group, a radio station operator focusing on Hispanic and “Inspirational” markets (urban and southern), has agreed to be acquired by SS Broadcasting Holdings, LLC, a vehicle owned by Sanjay Sanghoee, an investment professional specializing in media. Felix Perez will remain as the company’s CEO and the management team will stay in place. The selling group primarily consists of private equity firms. The sale is expected to close in Q1 2009, pending FCC approval.
In conjunction with Mr. Sanghoee’s purchase, certain terms of Davidson‚s loan agreements were modified. All existing debt obligations of the company will remain outstanding after this transaction.
Felix Perez, CEO of Davidson Media Group, stated, “We are grateful to have Sanjay aboard, given his strong financial credentials and background in media and entertainment. We look forward to a productive relationship. On a relative comparison basis, Davidson Media Group performed very well in a tough 2008 and we have put several strategic initiatives in place that will help us to continue to outperform the Radio market.”
