Equity Broadcasting In $267 Million Merger

Coconut Palm Acquisition Corp., of Boca Raton, Fla., said on April 10 that it will acquire Equity Broadcasting Corp. of Little Rock. The deal is valued at $267.4 million.

Equity owns the Fort Smith and Fayetteville WB, UPN, Fox and Univision affiliates (KWFT, KFDF, KPBI and KXUN, respectively).

The company operates 132 television stations throughout the country and broadcasts in 33 markets. Equity is also a leading operator of Spanish-language stations in the country. It is the second largest affiliate group of Univision Communications Inc.

Equity has 22 Univision affiliates in Spanish-language markets and television stations in eight of the nation’s top 55 Hispanic markets.

After the deal, set to close in June, CPAC will change its name to Equity Media Group and will be headquartered in Little Rock with an office in Boca Raton.

Larry Morton, Equity’s president and CEO, will continue as president and CEO of the new company.