Bustos Media Transfers Stations To NAP Broadcast Holdings
July 1, 2010
Radio and TV owner Bustos Media will soon be no more as the company files to transfer its licenses to NAP Broadcast Holdings, which is named for its senior lenders: NewStart, Atalaya and Prudential. Bustos CEO Amador Bustos and his brother, VP/Operations John Bustos, have resigned as part of the merger agreement. 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. He said that no format changes are planned and station staffs will remain intact, according to Radio Ink.
Amador Bustos sent a memo to his staff explaining, "Today we filed with the FCC an ownership transfer application of all radio and television stations from Bustos Media LLC to NAP Broadcast Holdings LLC." He said that "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."
Bustos Media has 28 radio stations in California, Idaho, Oregon, Washington, Utah, Colorado and Wisconsin.