mikemcguff.com: Houston's 55 KTBU is becoming a Spanish network called Mega TV

I kind of wondered about some of the recent programming changes over at Houston's 55 KTBU (formerly The Tube). It all started when I heard lots of its locally produced shows were getting the axe. Now we know why as the station is being sold to Spanish Broadcasting System, Inc. which will air Mega TV on the channel.

Interesting swap lately. We've recently seen KNWS 51 go Spanish, Channel 57 KUBE become English and now KTBU 55 go Spanish.

Here is more from the official release:

Spanish Broadcasting System, Inc. ("SBS" or the "Company") (Nasdaq:SBSA) announced today that on May 2, 2011, it entered into an agreement to acquire KTBU-TV (Digital 42;Virtual Channel 55) and other television assets serving the Houston market from U.S. Farm & Ranch Supply Company, Inc. and certain of its subsidiaries for $16.0 million. The acquisition is expected to close in the third quarter of 2011, pending FCC approval.

KTBU-TV is a full-power television facility reaching approximately 1.8 million households in Houston, the nation's fourth-largest Hispanic television market, through its over-the-air, cable and satellite distribution platforms.

Raúl Alarcón, President and CEO of SBS, commented, "Houston is a leading U.S. Hispanic market and this transaction is an ideal expansion of our Mega TV footprint, given the rapidly growing national Hispanic population."

The Company intends to fund the acquisition from cash-on-hand and free cash flow generated from operations.

Since SBS launched Mega TV five years ago, the network has expanded its distribution to 5.6 million households via affiliates in 11 cities across the U.S. and Puerto Rico, as well as cable and satellite distribution throughout the U.S. and Puerto Rico. SBS leverages its diversified media resources to provide infrastructural support to Mega TV and develops original content for the network at production facilities located in Miami, Florida and San Juan, Puerto Rico, with additional bureaus in New York and Los Angeles.

"Mega TV has always been at the forefront in providing original Hispanic programming to an audience that expects high quality and engaging content. We are proud to expand our commitment to our viewers by bringing Mega TV to Houston on KTBU Channel 55," commented Albert Rodriguez, Chief Revenue Officer of SBS.