New York Times Sells Radio Station to Univision

NYT is shedding its WQXR-FM classical-music radio station in NY in a deal worth $45M as the struggling newspaper company raises more cash by selling assets. Under a multi-pronged plan, the buyer, Univision Communications, will turn the station into a Spanish-language channel, but another frequency further up the dial will be transferred to NY's public-radio station, that'll carry on the classical-music format. Univision, Spanish-language media company, will pay $33.5M to exchange the broadcast license & transmitting equipment for the 105.9 FM frequency for that of the 96.3 frequency, which has a stronger signal than the 105.9 one. WNYC Radio, the public-radio broadcaster, will then pay NYT $11.5M for the 96.3-related assets. The transaction is expected to close in the 2nd half of the year, pending FCC approval. WQXR was founded in 1936 as the U.S.'s first commercial classical station. The FM station signed on in 1939 & both were sold to NYT in 1944. NYT sold off the AM station to Walt Disney's Radio Disney in 2006. The classical music will remain on the station, which NYT said will reach "the vast majority" of its current audience. Times which has been struggling in a prolonged advertising slump & migration to the Internet, explored the sale of some assets for some time to deal with its debt load. The radio deal is one of many NYT has looked at or already agreed to in recent months. It settled on a $225M sale-leaseback of its Manhattan headquarters with an investment firm in March & explored the sale of its stake in New England Sports Ventures, owner of baseball's Boston Red Sox & Fenway Park. It is also seeking bids for the Boston Globe after wrangling with the paper's union, in order to raise revenue and keep from closing the struggling newspaper.