We knew that Connoisseur Media was picking up three Cox radio stations in Connecticut and the rights to an LMA for a fourth – and now we know the value of the deal.
The stations are actually in three separate markets – WEZN-FM is licensed to Bridgeport, which is an Arbitron market; WFOX-FM Norwalk is part of the Stamford-Norwalk market; and WPLR-FM is licensed to New Haven, which is an Arbitron market. The assumed LMA with WYBC-FM New Haven creates a de facto duopoly there.
The price for the stations will be $40M cash. Added to Cox’s $66.25M sale of stations to SummitMedia and the seller will rake in $106.25M total.
Connoisseur is headed by Jeffrey D. Warshaw and Michael O. Driscoll. The Cox buy will give it a presence to the north of New York City, going along with its relatively recent acquisition of stations to the east on Long Island.
