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Spanish Broadcasting Completes Exchange of Stations in Puerto Rico

By on January 8, 2016

Spanish Broadcasting System Inc. (SBS), a publicly traded Hispanic-controlled media and entertainment company in the United States, announced Friday the completion of its station exchange in Puerto Rico.

“On Jan. 4, 2016 we completed the exchange of three of our radio stations in Puerto Rico, WIOA-FM, WZET-FM and WIOC-FM, plus $1.9 million for three full power television stations in Puerto Rico, WTCV-DT – Channel 32, WVEO-DT – Channel 17 and WVOZ-DT – Channel 47, with International Broadcast Corp.  The transaction will qualify as a like-kind exchange under Section 1031 of the Internal Revenue Code.

“We intend to file applications to participate in the FCC’s television spectrum incentive auction with all three of the acquired licenses to monetize the potential excess value of the station swap option and maximize the potential cash proceeds that are expected to be created by the auction process,” SBS’s statement reads.  

SBS owns 17 radio stations located in New York, Los Angeles, Miami, Chicago, San Francisco and Puerto Rico. It also owns MegaTV, a television operation with over-the-air, cable and satellite distribution and affiliates throughout the U.S. and Puerto Rico. SBS also produces live concerts and events and owns multiple bilingual websites, including www.LaMusica.com. The company also operates AIRE Radio Network, a national Spanish-language radio programming platform.

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