In mid-April 2024, the network, content, digital, and commercial operations of Hispanic-focused Estrella Media was acquired by a publicly traded company on Nasdaq whose assets include two FM radio stations in New York. Now, this company, led by former Spanish Broadcasting System executive Albert Rodriguez, is exercising its option to purchase the radio and TV stations it has been operating for 10 months.
With Peter Markham signing off on the transaction for Estrella Media, along with lead investor HPS Partners, Estrella Media is selling a total of 12 radio stations, four full-power television stations and six low-power TV stations to MediaCo Holding Co.
That’s the entity wholly controlled by Soohyung Kim through his Standard General hedge fund, and it will become the owner of the following properties:
According to paperwork filed with the FCC for regulatory approval, terms call for an all-stock purchase at $0.01 per share acquired, putting the cash value at $70,515.38.
That said, this payment follows some $120 million in cash, equity and stocks agreed to in April 2024, allowing MediaCo to effectively assume control of Estrella Media’ assets.
Now, full ownership is pending.
Meanwhile, RBR+TVBR has confirmed that rumors tying Estrella Media to a potential deal with Entravison Communications are unfounded. Rather, Entravision was seeking a new home for its Santa Monica, Calif.-based air personalities and had approached several companies in the U.S. Hispanic marketplace. Estrella Media, which uses a large purpose-built center in Burbank, Calif., acquiesced, signing up Entravision for a 12-month lease agreement.
