Cox Radio has offered to buy Midwestern Broadcasting Company for $280m. The offer includes WALR-FM, Atlanta's fourth-ranked radio station for adults aged 25-54 years
Under a ‘first right of refusal’ agreement, Cox lodged its offer for Midwestern – which owns a number of radio stations in the southeast – after another unnamed broadcaster moved to buy the group. Midwestern has yet to accept the Cox bid which would be subject to regulatory approval.
Cox also announced an asset exchange agreement with radio broadcaster Salem Communications. Under the deal, Cox will acquire the licenses and transmitting facilities of three radio stations, serving Atlanta, San Antonio and Tampa, swapping these for the license and transmitting facilities of a local radio station serving Houston.
Assuming successful conclusion of both deals, Cox claims it will own, operate or provide sales and marketing services for 81 stations in seventeen US markets.
News source: Financial Times