Cox Buys Five In Athens, GA
January 16, 2008 at 6:40 AM (PT)
COX RADIO is buying five stations in the ATHENS, GA market from PAUL STONE's SOUTHERN BROADCASTING and NEW BROADCAST INVESTMENT PROPERTIES for a total of $60 million, exercising an option towards which the company has previously paid $12 million. The stations include Country WNGC, AC WGMG (MAGIC 102), AAA WPUP (BULL DOG 103.7), Talk WGAU-A and Sports WRFC-A (960 THE REF).
"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 COX RADIO Pres./CEO BOB NEIL. "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 portfolio."
"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 STONE. "I’m very comfortable seeing our family of stations move to COX RADIO's care."
Closing is expected to take place in second quarter 2008.