Cox Media Group (CMG) has reached a definitive agreement with two companies to sell radio stations in six markets as part of its broadcast portfolio realignment. The broadcast realignment, announced in July 2012, is part of CMG’s strategy to focus on larger markets, cross-media collaboration, and heightened impact in fewer markets.
The companyhas signed an agreement to sell its Southern Connecticut radio stations ” WPLR-FM, WEZN-FM, WFOX-FM, and contract rights for WYBC-FM ” to Westport, CT. based Connoisseur Media. CMG has also signed a separateagreement to sell its radio stations in five other markets to SummitMedia, including:
Birmingham (WAGG-AM, WBHJ-FM, WBHK-FM, WENN-AM, WZZK-FM, WZNN-FM, WBPT-FM, and CMG’s contract rights for WALJ-FM)
Greenville, S.C. (WJMZ-FM, WHZT-FM)
Hawaii (KRTR-AM/FM, KPHW-FM, KCCN-FM, KINE-FM, KKNE-AM)
Louisville (WRKA-FM, WVEZ-FM, WSFR-FM, WQNU-FM)
Richmond (WHTI-FM, WKHK-FM, WKLR-FM, WURV-FM)
“These are all important brands powered by talented media professionals who tirelessly serve their audiences, advertisers and communities,” said CMG President Doug Franklin. “We wish all of the employees well and know they will continue to work hard to produce quality entertainment, news and information for their customers and new owners.”
The sales are expected to close during the second quarter following receipt of regulatory approvals.
As part of its broadcast realignment, CMG recently added four new TV stations in two markets ” Jacksonville, Fla. and Tulsa, Okla. ” to its broadcast group. The new stations ” WAWS-TV (Fox) and WTEV-TV (CBS) in Jacksonville and KOKI-TV (Fox) and KMYT-TV (MyNetwork) in Tulsa ” will provide opportunities for collaboration with CMG’s other businesses in those markets. CMG owns and operates WAWS-TV, KOKI-TV and KMYT-TV and provides operating services to WTEV-TV, which is owned by Bayshore Television. Work continues on the sale of its TV locations in El Paso, Texas; Johnstown, Pa.; Reno, Nev.; and Steubenville, Ohio. Details will be made public when finalized. CMG is working with Citi as financial advisor and Dow Lohnes as transaction and regulatory counsel for all transactions.