Cox Buys 7 From Clear Channel

Cox Buys 7 From Clear Channel
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Cox Radio Inc. (NYSE:CXR) has completed its purchase of 7 stations from Clear Channel Communications Inc. Cox has acquired a trio of FM stations serving Houston and a trio of FM stations and one AM station serving Richmond, Va. for a total of $380 million in cash.

Pending the close of all other announced transactions, Cox Radio will own and operate four FM stations serving the Houston market. Cox Radio now owns and operates a trio of FM stations and one AM station serving Richmond. Houston is ranked as the nation's eighth largest radio revenue market, while Richmond is ranked 47th.

The Houston stations acquired in the deal include KKBQ-FM, KKTL-FM and KLDE(FM). The Richmond stations acquired include WKHK(FM), WMXB(FM), WKLR(FM) and WTVR(AM).

Sharon Rae Pettigrew

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