Univision Buying Two Entravision Stations
Univision will pay for the stations, in San Francisco and San Jose, with Entravision shares it holds.
Univision's acquisition of the two stations, KBRG-FM and KLOK-AM, falls in line with an earlier agreement between the country's largest Hispanic broadcaster and the Justice Department after its acquisition of Hispanic Broadcasting in 2003. Under that agreement, Univision must reduce its stake in Entravision to 15% by the end of March 2006. This deal is expected to reduce Univision's stake in the company to 20%.
"This transaction represents a unique opportunity for us to acquire two attractive radio stations in a market with a rapidly growing Hispanic population while fulfilling our regulatory requirements in a timely, responsible manner," Ray Rodriguez, chief operating officer of Univision, said in a statement. "We are confident that these stations will benefit from the tremendous cross-promotion opportunities provided by Univision's two television stations and four other radio stations in the market."The transaction is expected to close in early 2006. Early Tuesday, Univision rose 25 cents to $27.86, and Entravision added 22 cents to $8.49.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV