NAP Broadcast Holdings, LLC has closed on its previously announced merger with Bustos Media. The merger had received FCC approval earlier in September and the parties finished the transaction on Friday, September 24th. NAP was formed in June by Newstar Financial, Atalaya Capital and Prudential for the purposes of the merger.
Simultaneously NAP announced that the new company, consisting of radio and television properties in nine separate Arbitron rated markets will operate under a new name, Adelante Media Group, LLC. BMT’s Jay Meyers, who had been operating as interim CEO of Bustos Media, takes over the new company as Chief Executive Officer. Meyers commented, “This is an exciting time for all of our stations and all of our employees. We are backed by a visionary group of owners who are as confident about the upside for this company as I am. Our new name, Adelante, which in Spanish means “moving forward” and is often used as a greeting when welcoming someone into your home, is a perfect banner to operate under into the future.” The name was chosen from hundreds submitted by current company employees, with the winning entry coming from Peter Kwong, a leading account executive in Milwaukee.
Meyers continued, “We operate in emerging Hispanic markets, and when the new census is finalized, we will be well positioned to take advantage of the growth. The mission is to build a great broadcast company that will serve the fastest growing segment of the population with great Spanish programming. We’ll try to bring some fun back into the business, and ask our employees to use their best judgment and come to work every day with one goal – to be better at their job than they were yesterday. Unlike so many others these days, this will not be a corporate driven company. Instead we will look to our markets for excellence and brilliance and we’ll be there for help, support and ideas.”
Adelante Media Group made its public debut in New York on Monday as a sponsor of the Radio Mercury Awards and presenting the award for Best Spanish Language Commercial.
In a separate transaction, the company announced that it was selling its four Portland, OR AM radio stations to Bustos Media Holdings, LLC, the personal ownership group of former CEO Amador Bustos. An LMA will begin on October 1st and will remain in place until closing, expected sometime in 2011.