Spanish Broadcasting System Closes Sale Of Chicago Radio Stations.

Spanish Broadcasting System, Inc. SBSA announced that it has closed on the previously announced sale of its suburban Chicago radio stations WDEK-FM, WKIE-FM and WKIF-FM to Newsweb Corporation for $28 million in cash.

Raul Alarcon, Chairman, President and CEO of Spanish Broadcasting System, commented, “The sale of these stations is in-line with our strategic plan to dispose of certain non-core station assets to deliver the Company and significantly strengthen our balance sheet. The proceeds of this transaction, combined with additional pending asset sales and cash on hand, will allow us to reduce indebtedness and focus our resources on further improving the operating and financial performance of our leading market stations.”