Equity Broadcasting Bringing Univision Programming to Nashville, Jacksonville and Waco

Equity Broadcasting Bringing Univision Programming to Nashville, Jacksonville and Waco

LITTLE ROCK, Ark., June 12 /PRNewswire/ -- Equity Broadcasting Corporation ("EBC"), which has entered into an agreement to merge with Coconut Palm Acquisition Corporation, announced today that it has entered into Asset Purchase Agreements for four new television stations. The company will use these stations to bring Univision affiliates to three additional markets -- Nashville, Jacksonville, Fla., and Waco, Texas.

WGAP-LP, Channel 26, will serve as the Univision affiliate in Nashville, a television market that reaches more than 900,000 households. In Jacksonville, a market with more than 600,000 households, EBC has entered into an agreement to purchase Channel 39, which will operate as WUJF-LP. In two separate agreements, EBC will provide full coverage to Waco's Top 50 Hispanic market with KUTW-LP, Channel 35, in Bryan and KWKO-LP, Channel 38, in Waco. These stations were not included in the merger agreement entered into with Coconut Palm and represent EBC's continued expansion in Spanish-language markets.

EBC currently owns and operates 19 Univision and TeleFutura affiliates and these new acquisitions will bring the total to 22. The company hopes to have Univision programming on air in all three markets by January 2007.

Equity's President and Chief Executive Officer, Larry Morton, said, "The success of Univision has been phenomenal, and we are excited about the opportunity to bring Univision programming to these fast growing Hispanic markets."

Equity Broadcasting Corporation

Equity Broadcasting Corporation is one of the largest owners and operators of television stations in the United States and a distribution platform for Spanish-language media. EBC is the second largest affiliate group of both the top-ranked Univision television network and Univision's TeleFutura network. EBC currently owns and operates over 130 television stations, with 39 network affiliates in 33 markets. EBC also provides outsourced management services of content delivery to station operators through its Central Automated Satellite Hub facility, consisting of over 40 stations. EBC recently entered into an agreement and plan of merger with Coconut Palm Acquisition Corporation whose shares are expected to trade on NASDAQ following the closing, subject to the approval of the shareholders of both companies and regulatory approval.

Univision Communications Inc.

Univision Communications Inc. ("Univision") is the leading Spanish-language media company in the United States. Its operations include television, radio, music and internet offerings that entertain and inform more Hispanics each day than any other media company in the country. Univision's television operations include the Univision Network, TeleFutura Network and Galavision. For more information, please visit http://www.univision.net/.

Forward-Looking Statements

This press release includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements. Forward-looking statements in this press release include matters that involve known and unknown risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to differ materially from results expressed or implied by this press release. Such risk factors include, among others: difficulties encountered in integrating merged businesses; uncertainties as to the timing of the merger; approval of the transaction by the stockholders of the companies; the satisfaction of closing conditions to the transaction, including the receipt of regulatory approvals; and the competitive environment in the industry of the combined entity and competitive responses to the proposed merger. Actual results may differ materially from those contained in the forward-looking statements in this press release.

Source: Equity Broadcasting Corporation

CONTACT: Larry Morton for Equity Broadcasting Corporation,
+1-501-221-0400

Web site: http://www.univision.net/

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