Spanish Broadcasting System, International Broadcasting Corp. Swap Radio, TV Programming Rights In Puerto Rico
September 16, 2014 at 3:57 AM (PT)
SPANISH BROADCASTING SYSTEM has informed the SEC in an 8-K filed MONDAY (9/15) that it has reached an agreement with INTERNATIONAL BROADCASTING CORP. to swap programming and retain an option to buy each other's properties in PUERTO RICO.
Under the three agreements, SBS began operating and airing and selling its MEGA TV programming on WTCV-DT.SAN JUAN, WVEO-DT/AGUADILLA, and WVOZ-DT/PONCE on MONDAY. At the same time, IBC is brokering all time on WIOA-F/SAN JUAN and its booster in CEIBA and WIOC/PONCE, and will add WZET/HORMIGUEROS as of SEPTEMBER 1, 2015, paying $4.500/month to SBS; SBS will pay IBC $200,000 in a one-time payment to retain the right to continue programming WZET through next SEPTEMBER 1st and can extend that arrangement for an additional $5,000/month.
The five-year option gives IBC the right to buy the stations for $1.9 million through SEPTEMBER 1, 2017 and an additional 1.5% per year through AUGUST 31, 2019.