Intermedia Partners to purchase WAPA-TV & WJPX-TV in
Puerto Rico
October
19, 2006 -- InterMedia Partners, L.P., a New York-based private
equity firm, announced today that it has agreed to purchase WAPA-TV, a
full-power independent television station located in San Juan, Puerto Rico,
for $130 million in cash from LIN TV Corp.
WAPA-TV is one of the three national broadcasters in Puerto Rico. As part of
the purchase, InterMedia will also be acquiring WJPX-TV, which is programmed as
MTV Puerto Rico, and WAPA America, a U.S. cable and satellite channel targeting
Hispanics.
Alan Sokol, former Chief Operating Officer of Telemundo and a Senior
Investment Partner at InterMedia, said, “Puerto Rico
is a unique broadcast television market with great tradition and tremendous
potential. As the leader in news and original programming, WAPA represents a
wonderful media growth opportunity, both within Puerto Rico and as a platform to
reach Hispanics in the continental United States.”
Jose Ramos, President of WAPA-TV, added, “The
managers and employees of WAPA-TV are really looking forward to this
transaction. InterMedia’s strong operating expertise
and specific experience in the Puerto Rico and U.S. Hispanic markets give us
great confidence that WAPA will be the most innovative and dynamic broadcaster
in Puerto Rico.”
Leo Hindery, Co-Managing Partner of InterMedia, said “WAPA
is a terrific asset with significant continued potential in Puerto Rico. It also
represents the first step in InterMedia’s plan to
better serve Caribbean Hispanics living in the United States. WAPA’s
strength in local programming gives us a great building block on which to grow,
and we are excited to be working with the very able management team and
employees of WAPA to make this happen.”
InterMedia is a private equity investment firm that makes control investments
in media companies. Currently investing its seventh fund, InterMedia is focused
on media content catering to underserved audiences.
|
