Cox Media Group (CMG) announces it has reached definitive agreements with Connoisseur Media and SummitMedia to sell radio stations in six markets as part of its broadcast portfolio realignment. The broadcast realignment, announced last July, is part of CMG's strategy to focus on larger markets, cross-media collaboration, and heightened impact in fewer markets. CMG has signed an agreement to sell its Southern Connecticut radio stations (WPLR, WEZN, WFOX and contract rights for WYBC) to Connecticut-based Connoisseur Media. Cox has also signed a separate agreement to sell its radio stations in five other markets to SummitMedia, including:
Birmingham (WAGG-AM, WBHJ, WBHK, WENN-AM, WZZK, WZNN, WBPT and CMG's contract rights for WALJ)
Greenville, SC (WJMZ and WHZT)
Hawaii (KRTR-AM/FM, KPHW, KCCN, KINE and KKNE-AM)
Louisville (WRKA, WVEZ, WSFR and WQNU)
Richmond (WHTI, WKHK, WKLR and WURV)
"These are all important brands powered by talented media professionals who tirelessly serve their audiences, advertisers and communities," says 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 regulatory approvals.
UPDATE: Now that the two deals have reached the FCC, we know that SummitMedia will pay $66.25 million for 21 stations (and contract rights to WALJ-FM Birmingham) in four markets, and Connoisseur Media will pay $40 million for the three Southern Connecticut stations Connoisseur is purchasing from Cox and contract rights to WYBC-FM. SummitMedia, which currently doesn't own any stations, is owned by David Dubose and Carl Parmer. Connoisseur Media is headed by Jeff Warshaw.
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