Cox Media Group plans to sell four Richmond radio stations to SummitMedia
Cox Media Group will sell four of its Richmond radio stations to SummitMedia.
Stations to be sold are 103.7 The River (WURV), Hot 100.9 (WHTI), K95 Richmond (WKHK) and Rock 96.5 (WKLR).
According to industry website Inside Radio, Summit Media is a newly-formed group led by former Heftel Broadcasting executive Carl Parmer and 16-year Cox Birmingham market manager David DuBose.
According to a company statement, the broadcast realignment is part of CMG’s strategy to focus on larger markets, cross-media collaboration, and heightened impact in fewer markets.
CMG also is selling radio stations in four other U.S. markets to SummitMedia.
CMG’s Southern Connecticut radio stations also will be sold to Westport, Conn.-based Connoisseur Media.
The sales are expected to close during the second quarter following receipt of regulatory approvals.