Spanish Broadcasting has inked an asset purchase deal with Big City Radio to purchase the Chicago-based stations WDEK(FM), WKIE(FM) and WKIF(FM) for $22 million cash. The deal is expected to close in the second quarter of 2003.
"The three stations will be simulcast with a new Spanish format. They will add to our existing WLEY(FM), Chicago leadership position and provide us with clustering efficiencies in this important core market," said Paul Alarcon, president and CEO of SBS.
SBS owns and/or operates 24 stations in seven of the top 10 U.S. Hispanic Markets.