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Article: Cox Radio Announces Disposition of KACE-FM and KRTO-FM in Los Angeles.
- Article from:
- PR Newswire
- Article date:
- October 15, 1999
CopyrightCOPYRIGHT 1999 PR Newswire Association, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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ATLANTA, Oct. 15 /PRNewswire/ -- Cox Radio, Inc., (NYSE: CXR) announced today that it has signed a definitive agreement to sell its two remaining radio stations in Los Angeles, KACE-FM and KRTO-FM, to Hispanic Broadcasting Corporation for $75 million in cash. This transaction is expected to close in the fourth quarter of 1999.
Robert F. Neil, President and Chief Executive Officer of Cox Radio, commented, "Today's announcement marks the end of Cox Radio's 25 years of service to the listeners of Los Angeles, a vibrant community which it has been our pleasure to serve. We intend to use the proceeds from today's announcement to increase shareholder value over the ...