On Monday, Cox Enterprises Inc. tendered an offer of US$3.80 per share of the remaining publicly held shares of Cox Radio Inc., which, when including expenses and fees, comes to a total of $69.1 million, The Associated Press reported.

Cox Enterprises Inc. currently holds an estimated 78 percent equity stake in Cox Radio and a voting interest of almost 97 percent. If the transaction is successful, Cox Radio will become a subsidiary of the privately owned Cox Enterprises.

"Given how these economic challenges are affecting the radio industry, we believe that private ownership offers advantages that will assist Cox Radio in attaining its business objectives and managing its capital structure," Cox Enterprises President and Chief Executive Jimmy W. Hayes told the AP in an article posted by Forbes.

A committee of independent Cox Radio directors will analysis the offer and make a formal recommendation to Cox Radio shareholders within 10 working days. The radio company said the offer will not affect the daily operation of the its stations.

Cox Enterprises has sought to amalgamate its three media - Cox Newspapers, Cox Television and Cox Radio - under a Cox Media Group Inc. label, as an attempt to restructure revenue sources to offset the economic crisis and falling advertising revenue. Cox Media Group Inc. will include 17 daily and 26 non-daily newspapers, 15 television stations, 86 radio stations, the Valpak coupon mailing business and more than 100 complimentary digital services.