Univision Communications Inc. will acquire Paxson Communications Corp.'s KPXF Fresno, Calif., in
DMA No. 55, for $35 million, according to Paxson.
If it passes regulatory approval, the sale is expected to close late this
year.
The deal would give Univision a duopoly in Fresno, as it already owns KFTV
there.
BIA Financial Network estimated that the Paxson station had revenue of $800,000 last
year, while KFTV's revenue was reported at $10.5 million.
Paxson said it paid $8 million for the station in 1998, and it
was appraised at $9.1 million in December 2001.
Paxson president and CEO Jeff Sagansky said, "This
transaction is the first step in our plans to raise approximately $100 million
through the sale of noncore assets, and it represents a significant step toward
maintaining the strength of our liquidity. We are currently in active
discussions with respect to the sale of certain other noncore television
stations and, if completed, these station sales will raise an additional $65
million."
