Propelled by continued consolidation in the radio industry, AMFM Inc. and Cox Radio Inc. have agreed to exchange radio stations in a deal that will make AMFM the largest operator in Los Angeles based on audience.
Under the agreement, Cox will transfer to Dallas-based AMFM two leading Los Angeles stations, KOST-FM (103.5) and KFI-AM (640), in exchange for 13 stations in Miami; Atlanta; Stamford, Conn.; Jacksonville, Fla.; and New Haven, Conn.
Cox's other radio stations in Los Angeles, KACE-FM (103.9) and KPRO-FM (98.3), are not included in this transaction but are also expected to be divested.
The agreement will give AMFM five FM and two AM station in Los Angeles, while giving Cox a third station in Miami and a sixth in Atlanta.
The radio industry has consolidated as federal deregulation eased rules restricting owners to eight stations in a market.
KFI-AM is the highest-rated talk station in Los Angeles, while KOST is a leading adult contemporary station.