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SBS Closes $28 Million Sale of Chicago FMs to Newsweb

SBS Closes $28 Million Sale of Chicago FMs to Newsweb

Spanish Broadcasting System, which says it’s the largest Hispanic-controlled radio broadcasting company in the United States, has closed the sale of its suburban Chicago FMs WDEK, WKIE and WKIF to Newsweb Corporation for $28 million in cash.
SBS Chairman, President/CEO Raúl Alarcón said the sale was in line with the company’s plan to spin off non-core assets and strengthen the SBS 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,” Alarcón said.
Taking into account proposed pending divestitures and acquisitions, SBS will own and/or operate 20 stations.