announced today it has exercised its option to acquire
five radio stations serving the Athens, Georgia market for $60 million,
less amounts previously paid toward the option totaling $12 million.
The stations -- WNGC-FM, WGMG-FM, WPUP-FM, WGAU-AM and WRFC-AM -- are
currently owned by affiliated companies controlled by Paul Stone:
Southern Broadcasting of Athens, Inc.; Southern Broadcasting of
Pensacola, Inc.; and New Broadcast Investment Properties, Inc.
"This strong and very profitable group of stations allows us to
enhance our service in the Southeast and specifically in the State of
Georgia," said Robert F. Neil, president and chief executive officer of
Cox Radio. "The location of these stations in the fast growing I-85
corridor between Atlanta and Greenville is a great strategic fit for
Cox Radio due to our existing presence in both of those markets. I'm
excited about the opportunity to add these stations to the Cox Radio
"Cox Radio is an extraordinarily good employer and is known for
running its radio stations with a long-term focus. Of all the possible
purchasers of our stations, I'm thrilled to be able to tell my staff
that the buyer is Cox Radio," said Paul Stone, president of Southern
Broadcasting of Athens. "I'm very comfortable seeing our family of
stations move to Cox Radio's care."
Pending regulatory approvals, Cox Radio expects to close the
acquisition 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.
Cox Radio is one of the largest radio broadcasting companies in the
United States, based on revenues. Cox Radio owns, operates or provides
sales and marketing services for 80 stations (67 FM and 13 AM)
clustered in 18 markets, including major markets such as Atlanta,
Houston, Miami, Orlando, San Antonio and Tampa. Cox Radio shares are
traded on the New York Stock Exchange under the symbol: CXR.