SBS Considering Station Sales, Says Alarcon
August 8, 2008 at 11:38 AM (PT)
On the company's conference call THURSDAY, SPANISH BROADCASTING SYSTEM CEO RAUL ALARCON JR. said that the company is considering a liquidation of "certain 'least core' assets" and might sell some radio stations.
HISPANIC MARKET WEEKLY reports that ALARCON, responding to a question from POST ADVISORY analyst ROBERT BURGIN, said that SBS has "considered and will continue to consider all alternatives in light of an environment that changes day-to-day and in light of our strategic plan for television. I believe we have 'beachfront property' with our radio stations, which are in some of the largest markets in the U.S. I believe they are very, very valuable."
ALARCON said that he hoped that investors would be comforted by the possibility of selling radio stations and that the comfort "will be reflected in our stock price, although that has not been the case to date." The company's radio properties had a difficult second quarter that offset substantial growth at the company's MEGA TV (WSBS-TV/KEY WEST-MIAMI) operation.