Sale of WPYO and WSUN Will Fulfill FCC Divestiture Process for Cox Radio
ATLANTA and MIAMI, Feb. 10, 2022 (GLOBE NEWSWIRE) — Spanish Broadcasting System, Inc. (SBS), CXR Radio LLC, as divestiture trustee, and Cox Radio LLC today announced that SBS will acquire FM radio broadcast stations WPYO(FM) and WSUN(FM), two stations serving the Orlando and Tampa radio markets.
The stations are held in trust by CXR Radio as a result of a divestiture trust mandate by the FCC, which arose from FCC ownership limitations and the sale of Cox Radio in 2019. CXR, which holds the stations’ FCC licenses and controls the operations of the stations, conducted a sales process resulting in today’s agreement with SBS, the parties said. Cox Radio, which has supported the trust’s operation of the stations, will also convey certain related station assets to SBS as part of the transaction. Cox Radio is a subsidiary of Cox Media Group.
“SBS is pleased to acquire WPYO(FM) and WSUN(FM) per FCC rules in order to serve the Hispanic communities of Orlando, Tampa and Central Florida and to foster minority ownership in media,” commented SBS Chairman and CEO, Raúl Alarcón.
Elliot Evers, the principal in CXR who has overseen the stations since the formation of the trust, said, “I am pleased that our sale process has produced full value for these two impressive stations. We engaged Houlihan, Lokey to assist with the process, and I am grateful for the instrumental role that the Houlihan team played in making this a success. Working with the CMG and SBS teams was an honor and a pleasure.”
Rob Babin, a Senior Vice President for Cox Media Group, who leads Cox Radio commented, “These stations have been a part of our Cox Media Group family for many years. We are saddened to see WPYO(FM) and WSUN(FM) leave our company, but we also are pleased to have fulfilled the FCC’s mandate to sell these stations – and we thank Elliot and his CXR team for all they did to oversee this process.”
The transaction is subject to customary closing conditions, including FCC regulatory approval. The parties expect to close the transaction later in the first quarter of 2022.
Spanish Broadcasting System, Inc. (SBSAA OTC) is a leading Hispanic media company that owns and operates radio stations located in the top U.S. Hispanic markets of New York, Los Angeles, Miami, Chicago, San Francisco, and Puerto Rico, airing the Spanish Tropical, Regional Mexican, Spanish Adult Contemporary, Top 40, and Latin Rhythmic format genres. SBS also operates AIRE Radio Networks, a national radio platform which creates, distributes and markets leading Spanish-language content to over 300 affiliated stations reaching 95% of the U.S. Hispanic audience and Mega TV, a network television operation with over-the-air, cable and satellite distribution and affiliates throughout the U.S. and Puerto Rico. In addition, SBS produces live concerts and events and publishes multiple bilingual websites, including LaMusica, an online destination and mobile app providing streaming content related to Latin music, entertainment, news, and culture for today’s U.S. Hispanic consumer. For more information, visit us online at www.spanishbroadcasting.com.
Cox Media Group, Inc. (CMG) is an industry-leading media company with dominant brands, award-winning content, and exceptional people. CMG provides valuable local content to viewers in the communities in which it serves. The company’s operations primarily include 53 top-performing radio stations delivering all genres of content in 11 markets, 33 high-quality, market-leading television stations in 20 markets, and numerous streaming and digital platforms. CMG’s portfolio includes primary affiliates of ABC, CBS, FOX, NBC, Telemundo and MyNetworkTV, as well as several valuable news and independent stations. Additionally, the company also offers a full suite of national, regional, local and digital advertising services with CMG Local Solutions, CoxReps and Gamut. For more information about CMG, visit www.coxmediagroup.com.