SAN JUAN, Puerto Rico—Spanish Broadcasting System said it has signed an asset purchase agreement for the sale of WVEO(DT), WTCV(DT), and WVOZ-TV Puerto Rico to Word of God Fellowship, a Christian faith-based broadcast owner-operator known as Daystar Television Network.
Financial terms of the sale were not disclosed.
The sale is part of SBS’s strategy of focusing on core audio and digital businesses, which includes a major radio station portfolio and such digital platforms as the popular Latino music streaming app LaMusica.
“This transaction is a decisive step in our long-term strategy of expanding our core competency—delivering culturally resonant content through radio and digital channels that connect, entertain, and inform millions of Hispanics every day,” SBS Chairman and CEO Raúl Alarcón said. “This sale allows us to sharpen that focus and invest in our growth with unmatched expertise.”
Daystar said that the sale will allow it to bring its faith-based channel “Daystar Español” to Puerto Rico.
“We look forward to serving the island's communities with inspirational content and uplifting messages, continuing our mission of producing and providing quality television that will reach our viewers, refresh their lives, and renew their hearts,” Joni Lamb, Daystar’s president and CEO, said.
SBS will retain its strong presence in Puerto Rico through its popular radio stations, Mega 106.9, La Nueva 94, Zeta 93 and Estereotempo 96.5.
Greg Guy of Tideline Partners served as the exclusive broker representing SBS in this transaction.
