Aguirre Family Invests More With Grupo Radio Centro
May 14, 2009 at 6:33 AM (PT)
GRUPO RADIO CENTRO announced today that certain members of the AGUIRRE family, who beneficially own 51.6% of the Company, have agreed to purchase a 49% equity stake in GRUPO RADIO CENTRO LA, a wholly-owned subsidiary of the Company. The Company will retain the remaining 51% stake in GRC-LA.
The Company recently formed GRC-LA to provide programming to KMVN/LOS ANGELES, pursuant to a Local Marketing Agreement with EMMIS COMMUNICATIONS CORPORATION. In exchange for their 49% equity stake, the AGUIRRE family members have agreed to be responsible for 49% of the cost of the Company's investment in GRC-LA.