Content area
Full Text
Spanish Broadcasting System Inc. has changed its mind about the second-biggest payout for a single radio station. SBS on Tuesday amended its $250 million purchase of KFSG-FM in Los Angeles from the International Church of the Foursquare Gospel, pushing the closing date back to Dec. 31, 2003, from this year's end. In addition, SBS will now pay $15 million March 12, instead of the $35 million called for in the original Nov. 3 agreement. SBS is also slated to fork over $5 million Sept. 20 and another $15 million March 12, 2003. Instead of paying $1.2 million a month for an extension beginning in August, SBS will now part with three-year warrants for 2 million SBS shares worth $10.50 an issue. The KSFG price tag is just under the $280 million Cox Communications Inc. paid in June 2000 for WALR in Atlanta. --Greg Johnson www.TheDeal.com