Franklin Resources : Border Media Partners Announces Management Change and Capital Raise
06/21/2007| 01:28pm US/Eastern
Border Media Partners (BMP), a leading operator of Spanish language and
Hispanic-targeted English language radio stations in Texas, today
announced important management changes and a major investment in the
company. Effective July 1, Jeffrey T. Hinson has been appointed
President and CEO of Border Media and Tom Castro, the company's
founder, was named Vice Chairman of the Board.
?When I started Border Media, my vision was to
build a leading Spanish language broadcasting company,?
said Mr. Castro. ?Four years later, we now
have 33 radio stations in attractive Hispanic/Latino markets and are
well positioned to build on this foundation going forward. Jeff is
well-known and familiar with Border Media's
portfolio of radio stations, having worked with the company as a special
advisor since 2006. I've wanted to recruit him
to Border Media for some time, and we are indeed fortunate to have a
seasoned professional of his caliber to help take the company to the
Mr. Hinson has a successful track record with over ten years experience
in the Spanish language media/broadcast industry. During this time, he
served as Executive Vice President and Chief Financial Officer of
Univision Communications, Inc., the largest Spanish language media
company in the United States. Prior to that, he was also Senior Vice
President and Chief Financial Officer of Hispanic Broadcasting
Corporation, the largest Spanish language radio operator in the United
States which became Univision Radio upon its acquisition by Univision in
September 2003. In addition, Mr. Hinson serves as a member of the board
of directors of several successful companies including Live Nation Inc.,
a global leader in live music, TiVo, Inc., the creator of and a leader
in television services for digital video recorders (DVRs), and
Windstream Corporation, a provider of voice, broadband and entertainment
services to customers in 16 states. Mr. Hinson received a BBA from the
University of Texas at Austin in 1977 and an MBA from the University of
Texas at Austin in 1979.
?I am very excited about joining Border Media.
Our investors, Vestar Capital Partners, Goldman Sachs Urban Investment
Group and Darby Overseas Investments, have committed substantial
financial and strategic resources to help fuel our growth,?
said Mr. Hinson. ?I look forward to working
with Tom, the company's employees and our
investors, to position Border Media as a leading company serving growing
Hispanic communities throughout the United States.?
On May 31, 2007, Vestar Capital, Goldman Sachs, and Darby Overseas
Investments invested $111 million in equity capital in the company and
have committed substantial additional capital to support future growth.
Ken O'Keefe, Managing Director at Vestar
Capital and Kevin Jordan, Managing Director at Goldman Sachs will serve
as co-Chairmen of the Board of Directors for Border Media. Also on May
31, 2007, Border Media Partners closed on the previously announced
acquisition of San Antonio radio stations KTSA-AM and KXJK-FM from CBS
?We are fortunate and delighted to recruit
Jeff, an industry veteran, to join the Border Media team. We look
forward to his leadership, guidance and counsel in this new endeavor,?
said Ken O'Keefe, co-Chairman of the Board of
Directors, Border Media.
vision started this journey, and we're
excited to be working with Tom in his role as Vice Chairman, Jeff as
CEO, and the many talented and enthusiastic employees that Tom brought
together to build this company. Tom's
contributions will be vital to helping us transform Border Media into a
multi-media stronghold in the Hispanic/Latino media industry,?
said Kevin Jordan, co-Chairman of the Board of Directors, Border Media.
About Border Media Partners
BMP Radio is a leading privately-owned Hispanic radio group, operating
33 radio stations in five Texas markets, including San Antonio, Austin,
the Rio Grande Valley, Laredo, and Waco.
About Vestar Capital Partners
Vestar Capital Partners is a leading international private equity firm.
The firm's investment strategy is targeted
towards companies in the U.S., Europe and Japan with valuations in the
$100 million to $5 billion range. Since the firm's
founding in 1988, the Vestar funds have completed over 60 investments in
companies with a total value of over $20 billion. These companies have
varied in size and geography and span a broad range of industries. The
firm's strategy is to invest behind incumbent
management teams, family owners or corporations in a creative, flexible
and entrepreneurial way with the overriding goal to build long-term
franchise value. Vestar currently manages funds with committed capital
totaling approximately $7 billion and has offices or affiliates
operating in New York, Denver, Boston, Paris, Milan and Tokyo. More
information about Vestar is available at www.vestarcapital.com.
About Goldman Sachs Urban Investment Group
The Goldman Sachs Urban Investment Group is part of the Merchant Banking
Division within The Goldman Sachs Group, Inc. (NYSE: GS), that invests
capital in ethnic minority-owned or targeted businesses and urban real
estate. Founded in 1869, Goldman Sachs is leading global investment
banking, securities and investment management firm. The firm is
headquartered in New York and maintains offices in Houston, Los Angeles,
Chicago, and Miami. To learn more about the Goldman Sachs Urban
Investment Group, please visit www.gs.com/uig.
About Darby Overseas Investments
Darby Overseas Investments, Ltd., the private equity arm of Franklin
Templeton Investments and a leading provider of private equity and
mezzanine capital in emerging markets, was founded in 1994 by The
Honorable Nicholas F. Brady, who served as U.S. Secretary of the
Treasury between 1988 and 1993. With a focus on supplying risk capital
to medium-sized companies with high quality management, Darby's
investments in the US Hispanic market include consumer, financial
services and media-related businesses; it has been an investor in BMP
since 2003. In 2003 Darby became a fully owned subsidiary of Franklin
Resources, Inc. [NYSE:BEN],
a global investment management organization operating as Franklin
Templeton Investments. Franklin Templeton Investments provides global
and domestic investment management solutions managed by its Franklin,
Templeton, Mutual Series, Fiduciary Trust, and Darby investment teams.
The San Mateo, California-based company has 60 years of investment
experience and over US$600 billion in assets under management as of May
Rosemary Scott, 210-524-1611
Michael Claes, 212-614-5236
© Business Wire 2007