CXR Trust Sells WPYO/Orlando, WSUN (97X)/Tampa to SBS

RADIO ONLINE | Thursday, February 10, 2022 | 4:59pm CT

Spanish Broadcasting System

The CXR Radio Station Trust, the divestiture trustee of Cox Radio, has reportedly agreed to sell Alternative WSUN-FM/Tampa and CHR WPYO-FM/Orlando to Spanish Broadcasting System, just before the deadline of February 15, set by the FCC in early December. The deal is expected to close within 60 days.

The trust had sought a waiver and extension of its divestiture deadline for the two outlets on November 8, 2021. The previous Divestiture Order required CXR to assign the licenses for the stations to an unrelated third party within two years after its acquisition consummated on December 17, 2019. CXR had filed a request seeking to extend the deadline for one year, through December 17, 2022, to complete the required divestiture.

According to CXR's request, the unprecedented COVID-19 pandemic made it necessary and appropriate to grant a one year extension of the current divestiture deadline in order for CXR to obtain fair value for the stations, while SBS told the Commission it had presented three cash offers for the two stations but had been rejected.

However, the FCC granted the request in part, otherwise denied CXR's request. The agency did grant a 60-day extension for the limited purpose of extending the divestiture deadline by an additional 60 days, until February 15, 2022, and denied it in all other respects.