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October 1, 2003
Univision Radio to acquire N.Y. station for $60M
Univision Radio, the Dallas-based radio subsidiary of Univision Communications Inc., has agreed to buy New York station WLIR-FM from Jarad Broadcasting Co. Inc. and the Morey Organization Inc. for about $60 million in cash.
The transaction, which is subject to regulatory approval and other closing conditions, is expected to close in the first quarter of 2004. Los Angeles-based Univision Communications said it would finance the purchase using its credit facility.
WLIR-FM currently operates a modern rock format in Long Island, New York City and southeastern Connecticut.
As part of the agreement, Jarad Broadcasting said it would move WLIR to a new dial position.
The Morey Organization owns three other FM radio stations in the market as well as a weekly newspaper, The Long Island Press.
Univision Radio was formed last month after the Federal Communications Commission approved Univision Communications' $3.4 billion purchase of Dallas-based Hispanic Broadcasting Corp. Hispanic Broadcasting became the radio division of Univision and was renamed Univision Radio.
Univision Communications (NYSE: UVN) is the largest Spanish-language media company in the United States. In addition to Univision Radio, its holdings include Univision Television Group; Galavision, a Spanish-language cable network; Univision Music Group; and Univision Online.
Company Web site: www.univision.com