BMP under new ownership ...

Border Media Partners is now under new leadership.
Monday, lenders D.B. Zwirn & Co. and Fortress Investment Group seized control of BMP and formed the Border Media Business Trust.
All BMP properties are now under the trust and Larry Patrick, president of Maryland-based media brokerage company Patrick Communications, said Monday he has been named trustee.
Radio industry publications Inside Radio and Radio Ink have cited BMP’s problems in making debt repayments for over nearly two years.
“All the stations are profitable, especially Laredo which is a well-run radio operation,” Patrick said Monday. “(Vice president and market manager) Miguel Villarreal is doing a great job there.”
Patrick also confirmed Jeff Hinson, BMP chief executive officer, will be leaving his post. Hinson received “America’s Best Broadcaster” award for 2009 from Radio Ink.
“Right now, everything is coming into the trust and I am going to take over,” Patrick said.
Five Laredo radio stations, including 94.9 FM “The Works” and La Ley 100.5 FM, are among a family of 29 radio stations and Internet sites which have been under the BMP umbrella.
The Border Media Business Trust will now oversee stations in Laredo, San Antonio, Austin, the Rio Grande Valley and Waco.
Patrick said lenders approached him first to become a part of the trust.
“We will be looking down the road to sell the stations, but not right now,” he said. “This is not a great time to sell any media product. I’ve been asked if I would be willing to run it for two to three years and I said yes.”
-- Joe Rutland