Viacom, Caballero get together on LPTV deal


LPTVCaballero Spanish Media has a deal to acquire two low power television outlets in Texas, seven in California and will get an LMA/option on one more California outlet in a deal with a Viacom license company that also bears the Cabellero brand.

The transaction is being couched as a stock deal, with a total value of $3M. Cabellero will plunk $150K into escrow, come up with an additional $850K cash at closing and strike a promissory note for $2M to account for the remainder.

The stations are currently licensed to Viacom subsidiary Cabellero Acquisition Inc., and will officially go to Cabellero subsidiary CAI Licenses Company LLC. Eduardo Cabellero and Peter J. Spengler are principals of the buyer.

The stations involved in the transfer include:
* KGBS-CA Austin TX
* KGMM-CA San Antonio TX
* KMMA-CD San Luis Obispo CA
* KMMC-LD San Francisco CA
* KMMD-CD Salinas CA
* KMMW-LD Stockton CA
* KMUM-CA Sacramento CA
* KMQM-CD Santa Maria CA
* KZMM-CD Fresno CA

The LMA/option the buyer will have is for KVMM-CD Santa Barbara CA.

Cabellero and Spengler already have ownership interests in two low power facilities, KHMM-CD Hanford CA and KMMK-LP Sacramento CA.

There are no duopoly concerns in the deal, since low power facilities do not count against local ownership caps.