NAP Closes On Bustos Media, Launches Adelante Media Group
September 27, 2010 at 3:49 PM (PT)
NAP BROADCAST HOLDINGS, LLC has closed on its previously announced merger with bUSTOS mEDIA after it received FCC approval earlier in SEPTEMBER. NAP was formed in JUNE by NEWSTAR FINANCIAL, ATALAYA CAPITAL and PRUDENTIAL for the purposes of the merger.
The new company, called ADELANTE MEDIA GROUP, consists of radio and television properties in nine separate ARBITRON-rated markets will operate under a new name, ,BMT’s JAY MEYERS, who had been operating as interim CEO of BUSTOS MEDIA, takes over the new company as CEO.
"This is an exciting time for all of stations and all of our employees," MEYERS said. " We are backed by a visionary group of owners who are as confident about the upside for this company as I am. Our new name, ADELANTE, which in Spanish means 'moving forward' and is often used as a greeting when welcoming someone into your home, is a perfect banner to operate under into the future.
"We operate in emerging Hispanic markets, and when the new census is finalized, we will be well positioned to take advantage of the growth," MEYERS continued, "The mission is to build a great broadcast company that will serve the fastest growing segment of the population with great Spanish programming. We'll try to bring some fun back into the business, and ask our employees to use their best judgment and come to work every day with one goal -- to be better at their job then they were yesterday. Unlike so many others these days, this will not be a corporate-driven company. Instead we will look to our markets for excellence and brilliance and we'll be there for help, support and ideas."
In a separate transaction, the company announced that it was selling its four PORTLAND, OR AM radio stations to BUSTOS MEDIA HOLDINGS, LLC, the personal ownership group of former CEO AMADOR BUSTOS. An LMA will begin on OCTOBER 1st and will remain in place until closing, expected sometime in 2011.