Cox Radio, Inc. announced that it has entered into a definitive agreement with Clear Channel Communications, Inc. to acquire three FM stations serving Houston, Texas and three FM stations and one AM station serving Richmond, Virginia for a total of $380 million in cash.
Commenting on (the) announcement, Robert F. Neil, President and Chief Executive Officer of Cox Radio, said, "... we look forward to integrating these stations into our portfolio and remain focused on increasing shareholder value over the long-term."
This acquisition marks Cox Radio's entrance into the Houston and Richmond markets, the nation's eighth and 47th ranked radio revenue markets, respectively. The stations being acquired include KKBQ-FM, KKTL-FM and KLDE- FM (Cox Radio will acquire the format of KLDE-FM and the license for KTBZ-FM. The seller will retain the license for 94.5) serving the Houston market and WKHK-FM, WMXB-FM, WKLR-FM and WTVR-AM serving the Richmond market. Pending the close of all announced transactions, Cox Radio will own, operate or provide sales and marketing services for 83 stations (63 FM and 20 AM) clustered in 17 markets including major markets such as Atlanta, Houston, Miami, Tampa, Orlando and San Antonio. Cox Radio is the fifth largest radio company in the United States based on net revenues.