The New York Times Company has entered into an agreement with
subsidiaries of Univision Radio Inc. and with WNYC Radio for the sale of
WQXR-FM, its New York City radio station for a total of $45 million. The
transaction will enable WQXR-FM to continue its 73-year legacy of
providing classical music and other cultural programming to listeners in
the New York metropolitan area. Univision Radio is a division of
Univision Communications Inc., the leading Spanish language media
company in the United States. WNYC is the nation’s largest AM/FM public
radio station.
Univision Radio will pay the Times Company $33.5 million to exchange the
FCC 105.9 FM broadcast license and transmitting equipment for the Times
Company’s license, equipment and stronger signal at 96.3 FM. At the same
time, WNYC Radio will purchase the FCC license for 105.9 FM, all related
transmitting equipment and WQXR’s call letters and Web site from the
Times Company for $11.5 million. Univision Radio will retain the WCAA
call letters.
As a result of this transaction, Univision Radio will transition WCAA
105.9 FM to 96.3 FM, providing the Spanish-language operator with
expanded coverage and enhancing its service to the growing New York
Hispanic demographic. WNYC will operate WQXR-FM on 105.9 FM and continue
to serve the vast majority of its current audience as a
listener-supported public station dedicated to classical music.
The transaction is expected to close in the second half of the year
after FCC approval has been granted.
“WQXR is the nation’s preeminent classical music station,” said Janet L.
Robinson, president and CEO of The New York Times Company. “We are very
pleased that this transaction will preserve WQXR’s ability to serve New
York City’s classical music audience and its cultural institutions as a
public radio station.”
Gary Stone, president and COO of Univision Radio said, “This transaction
provides the Hispanic population of New York and the surrounding area
with more diversity in music, entertainment and news, while classical
music will continue to have a home.”
“WNYC is thrilled to preserve a dedicated classical music presence on
the FM dial,” said Laura Walker, president and chief executive officer
of WNYC. “Finding another platform for music has long been a dream of
ours, and the WQXR acquisition uniquely suits our goals and aspirations
as a provider of news and cultural content. We’re confident that the
public media model will ensure that WQXR continues to thrive. We look
forward to extending this iconic brand to a new generation of classical
music listeners on-air and online.”
Ms.
