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New York Times Co. Sells Radio Station for $45 Million
The New York Times Co. sold its famed New York City classical music radio station WQXR-FM Monday in a deal that will net the indebted publisher $45 million.
The agreement involves subsidiaries of Univision Radio Inc., the Spanish-language broadcaster, and WNYC Radio, the operator of a listener-support public station.
Univision Radio is paying the Times Co. $33.5 million to exchange the Federal Communications Commission (FCCC) 105.9 FM broadcast license and transmitting equipment for the Times Company's license, equipment and stronger signal at 96.3 FM, the Times Co. said.
At the same time, WNYC Radio is buying the FCC license for 105.9 FM, all related transmitting equipment and WQXR's call letters and Web site from the Times Co. for $11.5 million.
Univision Radio will retain the WCAA call letters.
The deal allows WCAA to reach a larger service area with its Spanish-language programming. "NYC will operate WQXR-FM on 105.9 FM and continue to serve the vast majority of its current audience as a listener-supported public station dedicated to classical music," the Times Co. …