Wednesday morning, radio broadcasting company Cox Radio (CXR) said it has exercised its option to acquire five radio stations serving the Athens, Georgia market for $60 million, less amounts earlier paid toward the option totaling $12 million.
The Atlanta, Georgia headquartered company said stations -- WNGC-FM, WGMG-FM, WPUP-FM, WGAU-AM and WRFC-AM -- are presently owned by affiliated companies controlled by Paul Stone: Southern Broadcasting of Athens, Inc.; Southern Broadcasting of Pensacola, Inc.; and New Broadcast Investment Properties, Inc.
Pending regulatory approvals, the company expects to close the deal in the second quarter of 2008. At the close of the transaction, Cox Radio will own, operate or provide sales and marketing services for 85 stations clustered in 19 markets.
Robert F. Neil, president and chief executive officer of Cox Radio said, This strong and very profitable group of stations allows us to enhance our service in the Southeast and specifically in the State of Georgia,"
CXR closed Tuesday's regular trading session at $10.69
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