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Entravision to Spin Off Chicago Stations for $29 Million

Entravision to Spin Off Chicago Stations for $29 Million

In cash deals, Entravision Communications is selling its three Chicago radio properties for a total of $29 million.
Newsweb Corp. has agreed to acquire WRZA(FM) and WNDZ(AM) for $24 million and NextMedia Group has agreed to acquire WZCH(FM) for $5 million. The deals, subject to regulatory approvals, are expected to close in the second quarter.
The deals fit with the company’s goals of divesting non-core assets “to focus on strengthening existing clusters as well as expanding into emerging markets,” said Entravision Chairman/CEO Walter Ulloa. “Proceeds from this transaction will be used to reduce debt.”
Media Venture Partners, Ltd. brokered both deals.
Entravision has radio, TV and outdoor holdings. It owns 20 TV stations and a Spanish-language radio networks, which serves 23 markets via 58 owned and/or operated radio stations.