Grupo Radio Centro announces investment in A Radio Station by Aguirre Family.
March 14, 2009
Grupo Radio Centro, S.A.B. de C.V. announced that certain members of the Aguirre family, who beneficially own 51.6% of the Company, have agreed to purchase a 49% equity stake in Grupo Radio Centro LA, LLC (GRC-LA), a wholly-owned subsidiary of the Company. The Company will retain the remaining 51% stake in GRC-LA.
The Company recently formed GRC-LA to provide programming to the Los Angeles-based radio station, KMVN-FM, pursuant to a Local Marketing Agreement with Emmis Communications Corporation. In exchange for their 49% equity stake, the Aguirre family members have agreed to be responsible for
49% of the cost of the Company’s investment in GRC-LA.
