New York Times Co. sells classical radio station
Posted by Simon Day on July 15, 2009 at 10:10 AM
The New York Times Co. has announced its intention to sell its New York City classical music radio station WQXR, Reuters reported Tuesday. The reported two-part sale is for US$45 million and will allow the publisher to reduce its debt load.
The sale will not affect the stations' broadcasts of classical music; however, according to a Times Co. statement on Tuesday, the FM station will change from 96.3 to 105.9.
The sale will not affect the stations' broadcasts of classical music; however, according to a Times Co. statement on Tuesday, the FM station will change from 96.3 to 105.9.
The sale sees Spanish-language broadcaster Univision Radio purchase the 96.3 FM position for $33.5 million. WQXR will inherit the broadcast license to 105.9 FM, currently held by Univision. The Times will then sell this license, its broadcasting equipment and the WQXR call letters to WNYC Radio for a reported $11.4 million.
The deal must receive U.S. Federal Communications Commission approval before it is sealed.
WQXR first broadcast in 1936 and was the first U.S. commercial classical music radio station.
The New York Times Co. shares were up 5 cents, or 1 percent, closing at $5 in afternoon trading on the NYSE.
The deal must receive U.S. Federal Communications Commission approval before it is sealed.
WQXR first broadcast in 1936 and was the first U.S. commercial classical music radio station.
The New York Times Co. shares were up 5 cents, or 1 percent, closing at $5 in afternoon trading on the NYSE.
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