SBS-Viacom Deal Done

Spanish Broadcasting System Inc. closed on the acquisition of San Francisco station KRZZ (FM) from Viacom Inc.’s Infinity Broadcasting Corp.

Infinity merged 93.3 FM into SBS in exchange for an approximate 10% equity interest in SBS.

Infinity also received warrants allowing it to buy 5% at a fixed price.
SBS also entered into a cross-promotional agreement with CBS Television and Viacom Outdoor to jointly market their operations as a way to boost ad revenue.