Spanish Broadcasting System, Inc. sells Mega TV and its associated real estate to Voz Media in a $64 million deal.
Spanish Broadcasting System, Inc. (SBS) has announced the sale of its Mega TV business and its specific associated real estate to Voz Media for $64 million. The transaction is expected to close pending FCC approval.
Mega TV, a network television operation with over-the-air, cable, and satellite distribution and affiliates throughout the US and Puerto Rico, produces a nationwide roster of live concerts and events. Mega TV also owns a selection of digital properties, including LaMusica, a mobile app providing Latino-focused audio and video streaming content, and HitzMaker, a performance showcase for new artists and music enthusiasts.
“I am very proud of the nearly two decades of award-winning programming, community dedication, and industry accomplishments achieved by Mega TV, a network operation that succeeded in forging its own unique position among Hispanic viewers in the US and Puerto Rico,” says Raúl Alarcón, Chairman and CEO of SBS.
“I am especially pleased to leave this unique asset in the hands of a dedicated Hispanic owner, Orlando Salazar, the founder of Voz Media, who will continue the expansion of Mega TV and honor its unwavering commitment to faithfully serve our nation’s burgeoning Latino population,” he continues. “Minority ownership of the media, and the opportunities it affords to our nation’s fastest-growing constituency, is a critical component in guaranteeing a stable, profitable, and promising future for America.”
“It is an honor for Voz Media to be selected to continue the work and tradition started by Raúl Alarcón and Mega TV in the Spanish language television media market,” added Orlando Salazar, founder of Voz Media. “We take seriously the challenge of moving Mega TV forward in both reach and content as we continue to serve Spanish speakers across the United States.”
“We couldn’t be more proud of the fact that the legacy of Mega TV will continue under the leadership of another Hispanic-owned media company,” concluded Albert Rodriguez, President and Chief Operating Officer of SBS. “Orlando and the Voz Media team have our support, and we look forward to working with them throughout this transition and beyond.”
Voz Media currently has offices in Dallas, Miami, and Madrid, providing alternative news and content for Latinos in the US and Latin America. SBS owns and operates radio stations in the top US Hispanic markets of Los Angeles, New York, Puerto Rico, Chicago, Miami, San Francisco, Orlando, and Tampa, airing Tropical, Regional Mexican, Spanish Adult Contemporary, Top 40, and Urbano format genres.