Spanish Broadcasting System has made it to the finish line in Houston – its acquisition of KTBU-TV Conroe TX is now official. According to brokerage Kalil and Co., the price for the Channel 42 facility was $16M as reported.
SBS only had to come up with half that amount in cash – the rest will be covered via a promissory note. The seller was Humanity Interested Media.
“Houston is a leading U.S. Hispanic market and this transaction is an ideal expansion of our Mega TV footprint, given the rapidly growing national Hispanic population,” said SBS CEO Raul Alarcon at the time the deal was announced. Transactional documents were filed with the FCC 5/11/11, with a target date for a Q3 2011 closing, a target date that was met with calendar room to spare.
This will be the second television station in the SBS portfolio, joining WSBS-TV Miami. However, the company’s program network Mega TV has 11 affiliates throughout the nation, and SBS claims it reaches 5.6M households.
Despite all the television activity, SBS’s roots are in radio. Kalil notes that it has 21 O&O radio stations in key Hispanic markets including New York, Los Angeles, Miami, Chicago, San Francisco and Puerto Rico.