On October 10, Spanish Broadcasting System sued the entity that had agreed to acquire its Mega TV operation for $64 million, on the grounds that it did not have the proper funding in place to complete the transaction in the timeframe contractually agreed upon by the two parties.
The inability to timely close on that transaction impacted SBS’ ability to acquire KROI-FM in Houston from Urban One. Here’s the good news: According to a SEC filing, SBS and the Radio One parent have agreed on revised terms, giving the Miami-based media company superserving Hispanics an easier road to completing the Texas deal.