Spanish Broadcasting System has officially terminated its $64 million deal to sell Mega TV to Voz Media. Initially agreed upon on February 9, the transaction was set to close on September 15.
First reported by Radio Ink’s sister publication RBR+TVBR, the decision to abort the sale was outlined in a “Material Change Report” filed with the Securities & Exchange Commission. According to the report, SBS served Voz Media, led by Orlando Salazar, with a written notice of material breach of the agreements on August 21. Voz Media failed to respond or cure the breach, leading to the termination of the transaction. SBS now plans to restart the process of selling the television and real estate assets linked to Mega TV.
In the notice, SBS stated, “We anticipate that this process will be completed in a timely and efficient manner, with the aim of identifying a suitable buyer who aligns with our objectives.”
SBS President and COO Albert Rodriguez has refrained from commenting on the issue, while EVP and General Counsel Richard Lara will focus on the next steps for Mega TV.
