SBS Sells Suburban Chicago Radio Stations.

Spanish Broadcasting System, Inc. announced that it has signed a definitive asset purchase agreement to sell its suburban Chicago radio stations WDEK-FM, WKIE-FM and WKIF-FM to Newsweb Corporation for $28 million in cash. The sale is subject to FCC approval and is expected to close in the fourth quarter.

Raul Alarcon, Chairman, President and CEO of Spanish Broadcasting, commented, “I am pleased to announce the sale of these Chicago stations, furthering our strategic plan of disposing certain non-core stations to deleverage the Company and significantly strengthen our balance sheet. We will continue to focus on reducing outstanding debt, increasing cash flow and enhancing our financial flexibility to increase shareholder value over the long-term.”