Cox Radio, Inc. announced that it has signed a definitive agreement with KHWY, Inc. to acquire the assets of KINE-FM, KCCN-FM and KCCN-AM, serving the Honolulu, Hawaii market for approximately $17.8 million in cash. In a separate transaction, Cox Radio also announced an agreement in principal to sell KGMZ-FM serving the Honolulu market to Honolulu Broadcasting, Inc. for approximately $6.6 million in cash. In conjunction with the sale of KGMZ-FM, Cox Radio will enter into a joint sales agreement with Honolulu Broadcasting whereby Cox Radio will manage the local, regional and national sales efforts for KGMZ-FM.
Cox Radio is the sixth largest radio company in the United States based on net revenues. Upon the close of all announced transactions, Cox Radio will own, operate, or provide sales and marketing services for 75 stations (56 FM and 19 AM) clustered in 15 markets.