New York Times exits radio with $45 mn sale

NEW YORK: The New York Times Co is selling its classical music station and exiting the radio business.

The Times is selling WQXR-FM in a three-way deal that will see the classical music format become part of public radio, and its 96.3 FM signal broadcast a Spanish language station.

Univision Radio will pay the Times $33.5 million to exchange the broadcast license of WCAA, at 105.9 FM for the 96.3 FM signal. WNYC Radio, the city's public radio provider, is paying $11.5 million for WQXR's call letters, and the license for 105.9 FM.

The Times has owned WQXR since 1944.