Entravision Communications to Acquire Latin Communications Group.
The combination will create one of the largest Spanish-language media companies in the United States with 17 television stations in 16 markets, 26 radio stations in 14 markets and the largest Spanish-language newspaper serving the New York metropolitan area. The closing is subject to customary conditions including approval of the Federal Communications Commission and is expected to occur in the Spring.
Entravision Communications Chairman and CEO Walter F. Ulloa said the merger represents an exciting growth opportunity for the Company. "Spanish- language advertising in the U.S. continues to grow at approximately three times the rate of the general market. The acquisition of Latin Communications Group positions Entravision to aggressively expand in the important radio segment as a complement to our strength in television." Ulloa emphasized, "The Company is most pleased to add the strength and experience of the Latin Communications management team to dramatically expand and enhance our position in Hispanic media. Entravision Communications' President and COO, Philip C. Wilkinson added that "The acquisition of el diario will give Entravision an important entrance into New York City, the second largest Hispanic market in the U.S."
Latin Communications Group's Chairman, Marty Payson noted: "We are pleased to place these special businesses in the hands of people who share our vision and will continue to serve the Hispanic community in the United States with high quality programming and information."
Latin Communications Group's EXCL Radio subsidiary is the third largest Spanish-language radio operator in the United States and is complemented by el diario, the leading Spanish-language daily newspaper serving the New York area. EXCL Communications, headed by Athena Marks, owns and operates 17 radio stations in 10 markets, including Los Angeles, San Francisco, Denver, Sacramento, Las Vegas, Riverside, Monterey/Salinas, Albuquerque, Reno and Washington, DC. Latin Communications is owned by Trefoil Latin Investors, an investment partnership of Shamrock Holdings, Inc., the investment company of the Roy E. Disney Family; General Electric Investments; and the New York State Pension Fund, as well as other private Investors.
Entravision Communications Company, L.L.C. was formed in 1996 to provide for the ownership of Spanish-language media outlets. The company's corporate officers are located in Los Angeles, California.
Entravision owns and operates sixteen (16) Univision affiliates and nine (9) radio stations in the United States. Univision is the leading Spanish- language television network in the country. The Entravision television stations are located in San Diego, Albuquerque, El Paso, McAllen/Brownsville/Harlingen, Lubbock, Laredo, Denver, Colorado Springs/Pueblo, Washington D.C., Tampa, Orlando, Corpus Christi, Las Vegas, Monterey/Salinas, El Centro/Yuma and Palm Springs.
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|Date:||Dec 22, 1999|
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