Bustos Media Files To Transfer All Stations
June 30, 2010: Bustos Media has reached the end of the road, as the company files to transfer its radio and television licenses to NAP Broadcast Holding, named for senior lenders NewStart, Atalaya, and Prudential.
Radio Ink was tipped to an internal memo telling staff about the decision, and outgoing CEO Amador Bustos, who along with VP/Operations John Bustos has resigned as part of the merger agreement, confirms that the memo is genuine.
Broadcast Management & Technology President Jay Meyers will be serving as interim CEO until the FCC approves the transfers. Meyers has been serving as an adviser to Bustos Media while it has attempted to work through its financial difficulties. Bustos Media earlier this year acknowledged that it was in default with its lenders and a solution was being sought.
Amador Bustos tells Radio Ink, "We worked hard to develop the new emerging Hispanic markets, but unfortunately, the economic downturn and the timing of our station purchases were not favorable. We appreciate the trust our equity partners placed in us and the patience our senior lenders had while we restructured our debt."
Meyers confirms that no format changes are planned and station staffs will remain intact.
In an e-mail to Bustos staff, Amador and John Bustos thanked staffers warmly and said they are "confident that with the support of the new ownership the staff will continue to build these stations to their fullest potential." They also expressed their support for the board's decision to put Meyers in charge, saying, "Jay is an experienced broadcaster, but also he now has the company's and your best interest at heart."
NAP will operate the Bustos TV outlets and its 28 radio stations in California, Washington, Idaho, Utah, and Wisconsin. Last month the company agreed to a sale of KHHI/Denver to WAY FM Communciations.
Amador Bustos earlier founded Z-Spanish Radio Network, which merged with Entravision in 2000.
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