If You've Ever Considered Getting Into the Spanish-Language Radio Business, Well ...
It's doubtful you've ever heard of Border Media Partners: It's a miniature radio conglomerate founded in 2002 in McAllen but now HQ'd in the same shiny N. Central Expressway office tower as Richards Group, and it owns and operate more than two dozen Hispanic-centric stations from Waco down to Austin and San Antonio all the way down to Laredo and the Rio Grande Valley. (There used to be at least one station in Dallas; alas, no más!) Considered a mighty force in the industry -- RadioInk named its CEO and president, Jeff Hinson, "America's Best Broadcaster" only last March -- BMP was able to grow significantly in 2003 when it borrowed $15 million from Goldman Sachs.
Now, Goldman Sachs and other lenders may wind up owning the business -- and selling it off. According to an industry trade report, Goldman Sachs and two other lenders are claiming BMP hasn't made a debt payment in two years, and are close to seizing control as Hinson agrees to leave the shiny building by no later than the end of this month. And with the seizure will come a sell-off. So if you've always wanted a Spanish pop-hits station in Austin, inquire within.
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