The New York Times Co is going to sell its New York City classical music radio station WQXR for $45 million, in a two-part sale that will help the struggling newspaper publisher pay off debt.
The station will continue to broadcast classical music, something it has done for 73 years, but at 105.9 on the FM radio dial instead of 96.3 FM, the Times said in a statement on Tuesday, Reuters reports.
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 Associated Press reports.
The deal is one of several New York Times has been looking at or already agreed to in recent months. It settled on a $225 million sale-leaseback of its Manhattan headquarters with an investment firm in March, and has been exploring the sale of its stake in New England Sports Ventures LLC, owner of baseball's Boston Red Sox and Fenway Park.
New York Times is also seeking bids for the Boston Globe after wrangling with the paper's union, in order to raise revenue and keep from closing the struggling newspaper, The Wall Street Journal reports.