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."
