Paxson Communications To Buy TV, Radio Stations
May 01, 2011
Vastopolis -- Paxson Communications Corp., expanding its ``infomercial'' network, said it will acquire or assume operations of 10 television stations and six radio stations for around $170 million. To raise capital for the acquisitions, the company said it will sell $150 million of cumulative exchangeable preferred stock. The TV stations being acquired are scattered throughout the U.S., and will bring the TV network to 41 owned, operated or affiliated stations, used in the company's long-form programming, including infomercials. For the stations it couldn't immediately acquire, signed long-term agreements to operate them with options to buy later, according to Shad A. Escobedo, director of finance. The TV stations are located in, Mich., , R.I.,Okla., and . The radio stations to be acquired or operated are in ;, and Fla.; andTenn..a diversified media concern, said the proceeds from the proposed offering of cumulative exchangeable preferred stock will fund the redemption of existing senior preferred stock, in addition to funding the acquisitions.
