The New York Times Sells WQXR for $45 Million; WNYC Will Take Over Classical Music Station

nytimesbuilding1hjpg 4 The New York Times Sells WQXR for $45 Million; WNYC Will Take Over Classical Music StationToday, the New York Times sold its radio station WQXR in a three-way deal that will bring the cash-starved news organization $45,000,000.

From the release:

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 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. 

As part of the transaction, which was announced in a joint statement today by the three parties involved, Univision 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 signal at 96.3 FM. At the same time, WNYC will purchase the FCC broadcast 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.  Through the acquisition, WNYC will preserve WQXR’s 73 year classical music format, and move it to 105.9 FM.