Cox Radio buys five Athens area radio stations

UNDATED - Cox Radio announced Wednesday the purchase of five radio stations serving the Athens area for $60 million, according to the industry publication, Radio and Records.

WNGC-FM, WGMG-FM, WPUP-FM, WGAU-AM and WRFC-AM are currently owned by affiliated companies controlled by Paul Stone: Southern Broadcasting of Athens, Inc.; Southern Broadcasting of Pensacola, Inc.; and New Broadcast Investment Properties, Inc.

"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 Robert F. Neil, president and chief executive officer of Cox Radio. "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 Paul Stone, president of Southern Broadcasting of Athens. "I'm very comfortable seeing our family of stations move to Cox Radio's care."

According to Radio and Records, pending regulatory approvals, Cox Radio expects to close the acquisition in the second quarter of 2008. At the close of the transaction, Cox Radio will own, operate or provide sales and marketing services for 85 stations clustered in 19 markets.