After the sale of Spanish Broadcasting Systems television properties collapsed and the November 15 closing deadline passed, it and Radio One have agreed to an amended version of the purchase of Gospel “Praise 92.1” KROI Seabrook/Houston from the Sugarland Station Trust.
Per an SEC filing, SBS will still pay $7.5 million for KROI but will now have until either five business days prior to the last day that FCC consent is in effect or July 1, 2024 to close on the purchase. As part of the amended deal, SBS has released the $400,000 in escrow to Radio One and made a payment of $1.5 million towards the purchase. It will make $1 million payments on January 16, March 29, April 30, and May 31 towards the purchase price. At closing the remaining $1.6 million will be paid. Closing is now expected in the third quarter of 2024.
Update 8/3: The $7.5 million deal to transfer Gospel “Praise 92.1” KROI Seabrook/Houston from Radio One’s Sugarland Station Trust to Spanish Broadcasting System has been filed with the FCC.
The deal allows SBS to delay closing of the purchase until no later than November 15 in order to allow the company to use the proceeds of its pending television station sales to finance the acquisition. The $64 million sale of “Mega TV” and its owned and operated stations WSBS-TV Key West, WSBS-CD Miami, WTCV San Juan, and WVOZ-TV Ponce PR to Voz Media was approved by the FCC in May, but has not yet closed. No LMA or Time Brokerage Agreement is mentioned in the sale documents.
Original Report 8/3: Radio One has found a buyer for one of its two planned divestitures in Houston.
Spanish Broadcasting System will pay $7.5 million to acquire Gospel “Praise 92.1” KROI Seabrook/Houston. The deal, which was hinted at in the FCC filing of Radio One’s $27.5 million purchase of Cox’s Houston cluster, will mark SBS’ entry into Houston radio although the company did previously own a television station in the market.
Radio One still needs to find a buyer for Cox’s Classic Country “Country Legends 97.1” KTHT Cleveland.
