Univision Communications said it agreed to sell some of its television stations in Puerto Rico to Liberman Media Group.
Liberman will be acquiring WLII-DT, Caguas-San Juan and its repeater stations, plus WOLE-TV-DT Aguadilla and WSUR-DT Ponce.
Univison will continue to operate WSTE-DT and its radio properties.
Financial terms were not disclosed, but the transaction is expected to close at the same time as a group led by former Viacom CFO Wade Davis is set to complete its acquisition of a 64% stake in Univision.
"I am delighted that Univision is taking this necessary step towards the completion of ForgeLight and Searchlight obtaining majority control of Univision,” said Davis. “The transaction remains on track to close by year-end and I look forward to being part of the Company’s next phase of growth.”
Lenard Liberman, former president of Liberman Broadcsting and the Estrella TV network, said he was equally thrilled.
He said his company was “excited that we will be entering the market with a seasoned and talented staff from Univision Puerto Rico. We are fully committed to continuing the locally-produced programming that has characterized these stations and is beloved by the audience they serve. With three decades of experience in Spanish-language media, I’ve seen firsthand the importance of stations like these to local communities, and I’m proud that we will continue serving Puerto Ricans with content on which they rely.”
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Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.