Lenard Liberman, CEO, LBI Media, Inc
LBI Media, Inc., through its subsidiaries, announces that it has entered into a definitive agreement to purchase the assets of full power television station WGEN-TV in the Miami, Florida DMA from Mapale LLC.
WGEN will begin broadcasting programming from LBI’s Spanish language television network, EstrellaTV, as of March 1, 2018. EstrellaTV programming previously has been available on the digital multicast channel of an affiliate in the Miami area.
“We are very excited about moving from an affiliate arrangement to a fully owned and operated station with complete cable and satellite distribution throughout the DMA. This will allow us to better serve Miami viewers, as well as local businesses,” commented Lenard Liberman, CEO, LBI Media, Inc.
In addition to the greater audience reach afforded by WGEN, LBI Media Inc. will have a full local sales staff in the market as well as facilities in the Doral area to handle local production for clients. On a national spot level, LBI Media’s in-house rep firm, helmed by industry veteran Jason Hall, will represent WGEN.
Completion of the transaction is subject to the satisfaction of customary closing conditions, including approval by the Federal Communications Commission (FCC). LBI Media anticipates that the transaction will close and fund with cash on hand in the second or third quarter of 2018, subject to the satisfaction of the closing conditions.
Greg Guy of Patrick Communications served as the broker on this transaction.
