Cox Radio (CXR) announced it has exercised its option to acquire five radio stations serving the Athens, Georgia market for $60 million, less amounts previously paid toward the option totaling $12 million. Cox noted that the stations, WNGC-FM, WGMG-FM, WPUP-FM, WGAU-AM and WRFC-AM are currently owned by affiliated companies controlled by Paul Stone, Southern Broadcasting of Athens, Southern Broadcasting of Pensacola, and New Broadcast Investment Properties.
Pending regulatory approvals, Cox Radio expects to close the acquisition in the second quarter of 2008. At the close of the transaction, Cox Radio would own, operate or provide sales and marketing services for 85 stations clustered in 19 markets.
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