MEXICO CITY, May 13 /PRNewswire-FirstCall/ -- Grupo Radio Centro, S.A.B.
de C.V. (the "Company") (NYSE: RC, BMV: RCENTRO-A) announced today that
certain members of the Aguirre family, who beneficially own 51.6% of the
Company, have agreed to purchase a 49% equity stake in Grupo Radio Centro LA,
LLC (GRC-LA), a wholly-owned subsidiary of the Company. The Company will
retain the remaining 51% stake in GRC-LA.
The Company recently formed GRC-LA to provide programming to the Los
Angeles-based radio station, KMVN-FM, pursuant to a Local Marketing Agreement
with Emmis Communications Corporation. In exchange for their 49% equity
stake, the Aguirre family members have agreed to be responsible for 49% of the
cost of the Company's investment in GRC-LA.
In compliance with the Company's corporate governance practices, this
transaction has been approved by the Company's board of directors following
receipt of a favorable opinion of the Company's corporate practices committee.
Company Description
Grupo Radio Centro owns and/or operates 15 radio stations. Of these 15
radio stations, Grupo Radio Centro operates 11 in Mexico City. The Company's
principal activities are the production and broadcasting of musical and
entertainment programs, talk shows, news and special events programs. Revenue
is primarily derived from the sale of commercial airtime. In addition to the
Organizacion Radio Centro radio stations, the Company also operates Grupo RED
radio stations and Organizacion Impulsora de Radio (OIR), a radio network that
acts as the national sales representative for, and provides programming to,
108 Grupo Radio Centro-affiliated radio stations throughout Mexico.
http://radiocentro.com.mx
IR Contacts
In Mexico:
Pedro Beltran / Alfredo Azpeitia
Grupo Radio Centro, S.A.B. de C.V.
Tel: (5255) 5728-4800 Ext. 7018
aazpeitia@grc.com.mx
In NY:
Maria Barona / Peter Majeski
i-advize Corporate Communications, Inc.
Tel: (212) 406-3690
grc@i-advize.com.mx
SOURCE Grupo Radio Centro, S.A.B. de C.V.