Hindery, InterMedia Wrap Puerto Rico Deal
Spanish-Language Cable Network WAPA America Part of LIN Television Transaction
By Linda Moss -- Multichannel News, 5/2/2007 12:33:00 PM
Leo J. Hindery Jr.’s InterMedia Partners completed its $130 million acquisition of LIN Television’s assets in Puerto Rico, which include Spanish-language cable network WAPA America.
As part of the transaction, InterMedia acquired WAPA-TV, one of the oldest television broadcasters in the Caribbean and a provider of local original entertainment programming in Puerto Rico; WJPX-TV, a full-power station that offers MTV programming in Puerto Rico; and WAPA America, which provides Spanish-language satellite and cable service to more than 1 million U.S. subscribers.
CIT Group provided $95 million in senior secured credit to InterMedia Partners to complete the acquisition. The financing was completed on behalf of CIT Communications, Media and Entertainment, a unit of CIT.
“The WAPA platform of stations will allow us to create a Spanish-language television network in the U.S. that will cater to the rapidly growing and underserved non-Mexican Hispanic television audience,” InterMedia managing partner Hindery said in a prepared statement. “With CIT's assistance, we plan to strengthen WAPA's programming schedule and, with complementary assets, employ WAPA as the beachhead for building this new network."
No related content found.
VIEW ALL GALLERIES
