Spanish-language broadcaster Entravision Communications Corp. has entered into an agreement with OTA Broadcasting to acquire Palm Springs stations KMIR-TV, an NBC affiliate, along with KPSE-LA, a MyNetworkTV affiliate, for $21 million.

Santa Monica-based Entravision said the acquisition, announced Friday, would be funded with proceeds from the Federal Communication Commission’s first Broadcast Incentive Auction. The auction was authorized by Congress in 2012 to allow broadcasters the opportunity to sell some of their spectrum space to fill the growing needs of wireless providers.

“Palm Springs is a growing and vibrant market that we know very well and have served for more than 20 years,” Entravision Chief Executive Walter F. Ulloa said in a statement.

The company owns and operates several TV and radio stations serving that market.

Entravision, with 58 television and 49 radio stations across the United States and Mexico, topped the Business Journal’s list last year of most profitable L.A.-area public companies based on three-year average return on equity.

http://labusinessjournal.com/news/2016/jul/22/radio-tv-broadcaster-tops-chart/

However, this year’s list of most profitable companies, which will be published next week, puts Entravision at No. 20 as its net income declined slightly. The company had a market capitalization of $596 million as of June 30, and it reported 2016 revenue of $259 million and net income of $20 million.

Contact media and entertainment reporter Diane Haithman at [email protected]. Follow her on Twitter @dhaithman for the latest in L.A. business news.