Telemundo has filed several applications with the FCC seeking approval of its acquisition of 13 ZGS television stations and the documents show the purchase price is $75 million in cash.
The filings also detail terms of the transaction, including Telemundo’s intent to retain the majority of ZGS current employees and plans to have five stations – Washington, D.C., Hartford, Providence, Springfield and Richmond – participate in pre-closing local marketing agreements (LMSs) starting January 1, 2018.
“Transferred employees” will have to meet Telemundo’s conditions for employment to hold on to their jobs after the transaction goes through. ZGS will be responsible for any severance or other obligations to employees not hired by Telemundo.
Telemundo cashed in hundreds of millions of dollars during the FCC broadcast incentive auction. So why is it now buying low power stations?
An assessment on the reasons for the acquisition and more details about the transaction are available on Forbes.
