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SBS Closes $30 Million KPTI Sale

SBS Closes $30 Million KPTI Sale

Spanish Broadcasting System closed its sale of San Francisco radio station KPTI(FM), to Three Point Media-San Francisco, for $30 million in cash.
“The completion of the sale of KPTI represents another step in
our strategic plan to dispose of non-core assets to reduce our outstanding
debt and strengthen our balance sheet,” said SBS President/CEO Raúl Alarcón. “The proceeds of this transaction and additional pending asset sales, combined with cash on hand, will allow us to focus all of our resources on further improving the operating and financial performance of our top market stations.”
RW Online recently reported both companies reached a deal on the sale and were waiting on regulatory approval.
Taking into account proposed pending divestitures, SBS will own and/or operate 19 stations.