Hispanic Broadcasting Corp. announced it has entered into an agreement with subsidiaries of Clear Channel Communications, Inc. and AMFM Inc. to acquire radio stations KXPK (FM) broadcasting at 96.5 MHz serving the Denver, CO market; KKFR (FM) broadcasting at 92.3 MHz serving the Phoenix, AZ market; and KEYI (FM) broadcasting at 103.5 MHz serving the Austin, TX market, for approximately $127 million in cash, subject to certain adjustments.
HBCCA reported it plans to commence Spanish-language programming in Denver and Austin in the third quarter of 2000 following the anticipated closing date of the transaction. KKFR, "a highly-successful station whose audience includes a large proportion of Hispanics," will continue in its present format.