Grupo Radio To Have Shareholders Vote On KXOS Purchase
July 20, 2012 at 3:50 AM (PT)
GRUPO RADIO CENTRO's Board of Directors has decided to call a general ordinary shareholders' meeting to be held at 10a on AUGUST 3rd. The meeting will take place at GRC's offices located in MEXICO CITY, and a major topic of conversation will be acquisition of Spanish Top 40 KXOS (EXITOS 93.9)/LOS ANGELES from EMMIS COMMUNICATIONS.
GRC holds a 25% share ownership and certain related third parties hold the remaining shares plan to enter into a credit agreement with CREDIT SUISSE and other financial institutions for up to $95 million to finance the acquisition of KXOS.
In APRIL (NET NEWS 4/16), GRUPO RADIO CENTRO and EMMIS COMMUNICATIONS amended their put and call agreement for KXOS to designate a $85.5 million purchase price if GRC closes on a purchase before MARCH 27, 2013 and $110 million if a closing occurs thereafter.