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Univision Radio to Acquire WLIR(FM)Serving Long Island, New York
Dallas, TX -- Univision Communications Inc. (NYSE: UVN), the leading Spanish-language media company in the United States, announced today that it has reached an agreement to purchase the assets of WLIR(FM) from Jarad Broadcasting Company, Inc. and the Morey Organization, Inc., for approximately $60 million in cash. WLIR(FM) includes a class A radio station serving Long Island, New York and New York City.
McHenry T. Tichenor, Jr., President of Univision Radio, commented, “The acquisition of WLIR(FM) further demonstrates our commitment to serve the New York Hispanic community. We are very pleased to be able to offer listeners on Long Island and southeastern Connecticut access to our programming.”
Ronald J. Morey, CEO of The Morey Organization, Inc., added, “Univision is acquiring a tremendous radio station. We are pleased to announce that as part of the acquisition, Jarad Broadcasting will continue to serve Long Island by moving the modern rock WLIR to a new dial position.” The Morey organization owns three other FM radio stations in the market and also owns one of the country’s top-ten weekly newspapers, The Long Island Press.
The transaction, which is subject to regulatory approval and other closing conditions, is expected to close in the 2004 first quarter. The Company expects to finance the purchase of WLIR(FM) under its credit facility.
Univision Communications Inc. is the premier Spanish-language media company in the United States. Its operations include Univision Network, the most-watched Spanish-language broadcast television network in the U.S. reaching 97% of U.S. Hispanic Households; TeleFutura Network, a new general-interest Spanish-language broadcast television network reaching 77% of U.S. Hispanic Households; Univision Television Group, which owns and operates 23 Univision Network television stations and 1 non-Univision television station; TeleFutura Television Group, which owns and operates 29 TeleFutura Network television stations; Galavisión, the country’s leading Spanish-language cable network; Univision Radio, the leading Spanish-language radio group which owns and/or operates 65 radio stations in 17 of the top 25 U.S. Hispanic markets and 4 stations in Puerto Rico; Univision Music Group, which includes the Univision Records, Fonovisa Records, and a 50% interest in Mexico-based Disa Records labels as well as Fonomusic and America Musical Publishing companies; and Univision Online, the premier Spanish-language Internet destination in the U.S. located at www.univision.com. Univision Communications is headquartered in Los Angeles with network operations in Miami and television stations and sales offices in major cities throughout the United States.
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Stephanie Pillersdorf/Brooke Morganstein
Citigate Sard Verbinnen
212-687-8080
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