Merger turns three licensees into one


Television owners holding full power stations in Puerto Rico and low power facilities in the contiguous 48 are getting together to form a group valued at $35M.

Coming from Carlos A. Barba’s S&E Network Inc. are WJPX-TV San Juan PR, WKPV-TV Ponce PR and WJWN-TV San Sebastian PR.

Carlos Barba also signed off on the inclusion of CaribeVision Station Group LLC stations WIRS-TV Yauco PR, WFUN-LD Miami FL and WPXO-LD East Orange NJ, part of the New York DMA.

Finally, Omar Saul-Romay’s Sherjan Broadcasting Company is contributing WJAN-CA Miami FL.

Saul-Romay will be the President/CEO of the surviving America-CV Station Group Inc. The valuation is based on the value of the stations less initial assumed liabilities. CaribeVision Holdings will own 50% of the surviving entity, Okeechobee Television Corporation will hold 47% and Orly Group will hold the remaining 3%.

WJPX-TV is the flagship of the four full-power Puerto Rico stations, and the others operate as its satellites.