Should Cox Media Group be granted additional time to fully divest itself of two FM radio stations in the state of Florida, needed transactions contingent on the FCC’s approval of the company’s transition to majority ownership by Apollo Global Management?
The Commission wants your input on the matter, so it can make its best informed decision on a request with a short expiration date.
On November 22, 2019, the Media Bureau released a Memorandum Opinion and Order that granted — with conditions — divestiture applications for WPYO-FM in Maitland, Fla., “Power 95.3,” and WSUN-FM in Holiday, Fla., “97X.”
The stations serve the Tampa-St. Petersburg and Orlando markets, respectfully, and their spin-offs was required given Apollo’s attributable interest in other properties in both markets through investments in another licensee.
The FMs were placed in the specially created “CXR Radio Station Trust,” administered by Elliot Evers, the Houlihan Lokey senior advisor and noted media industry broker. He then had 24 months to find a buyer, with the divestiture deadline set as December 17, 2021.
Now, given the COVID-19 pandemic and deflated station valuations, Evers and CMG are asking for an extension of that divestiture date.
Specifically, Evers on November 8 filed a request seeking Media Bureau authorization to delay the divestiture deadline to Dec. 17, 2022 — one full year.
What do you have to say about that?
Interested persons are invited to file comments, petitions or objections on the extension request no later than Wednesday, November 17 — one week from today. Reply comments and oppositions are due by Monday, November 22.
All filings should refer to MB Docket No. 19-98.
