Coconut Palm to buy Hispanic broadcaster EBC

“Coconut Palm Acquisition Corp. (CNUT.OB: Quote, Profile, Research) said on Monday it would purchase Spanish-language media company Equity Broadcasting Corp. (EBC) in a $205 million deal as the race for investing in Hispanic broadcasters heats up.

Coconut Palm is an affiliate of private equity firm Royal Palm Capital Partners LLC, based in Boca Raton, Florida, and was created with the aim of entering an industry through acquisitions.

EBC is a top operator of Spanish-language stations in the United States, with 132 television stations serving about 15 million households. Coconut Palm will pay about $205 million in capital stock and cash and will also assume about $62 million in EBC debt.”

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