LBI Media Buying WGEN Miami For $11M

LBI Media said today that it has a definitive agreement to buy full-power WGEN Miami (DMA 16) from Mapale LLC for $11 million.

WGEN will begin broadcasting programming from LBI’s Spanish language television network, EstrellaTV, as of March 1. EstrellaTV programming previously has been available on a subchannel of WSVN Miami.

“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,” said Lenard Liberman, CEO of LBI Media. “This will allow us to better serve Miami viewers, as well as local businesses. EstrellaTV’s original, fast-paced entertainment programming is a perfect fit for the Miami audience.” 

In addition to the greater audience reach afforded by WGEN, LBI Media 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, led by Jason Hall, will represent WGEN.

Completion of the transaction is subject to the satisfaction of customary closing conditions, including approval by the FCC. LBI Media said it anticipates 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 was the broker.