NBC Completes Telemundo Buy4/12/2002 9:52 AM Eastern
NBC completed its $2.7 billion acquisition of Telemundo Communications Group
Inc. Friday from Sony Pictures Entertainment, Liberty Media Corp. and a
consortium of financial investors.
In exchange for $1.98 billion in cash and the assumption of $700 million in
debt, NBC gained ownership of the 24-hour Spanish-language Telemundo Network, 11
full-power owned-and-operated stations and two cable networks, Mun2 and
Telemundo will continue under the leadership of CEO Jim McNamara, who will
report to NBC president and chief operating officer Andrew Lack.
In a ruling Wednesday, the Federal Communications Commission approved the
deal -- the largest in NBC's 75-year history -- under the condition that it sell
Telemundo station KWHY-TV in Los Angeles. NBC also owns KNBC-TV and Telemundo's
KVEA-TV in that market.