SBS Sells San Antonio Stations.

Spanish Broadcasting System, Inc. announced that it has signed a definitive asset sale agreement to sell its two San Antonio, Texas, radio stations to Border Media Partners, a Hispanic-owned company, for $24 million in cash. Tom Gammon of Americom acted as media broker for Spanish Broadcasting in this transaction. The sale is subject to FCC approval.

The sale reflects Spanish Broadcasting’s previously disclosed strategy to sell non-core assets and focus on strengthening the Company’s leading radio clusters in the nation’s largest Hispanic markets.

Raul Alarcon, Chairman, President and CEO of Spanish Broadcasting, commented, “This is a win-win transaction that will help us fund our growth in Los Angeles, the nation’s largest Hispanic market. I am pleased that we were able to provide a growing Hispanic-owned company the opportunity to serve San Antonio’s Hispanic radio audience.”