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Statement from Clear Channel regarding its purchase of 101.7 WFNX

[UPDATE 12:21 pm]: Boston Business Journal is reporting the layoffs of longtime personalities Julie Kramer and Henry Santoro, and a possible switch to either a country or Spanish speaking format. 

Earlier this morning we reported that WFNX 101.7 FM will be sold to Clear Channel. A few moments ago, the national media and entertainment giant released this statement regarding its latest acquisition. We'll post more information as it comes in.

Clear Channel Media and Entertainment to Buy Boston’s 101.7 FM (WFNX)

Boston, MA – May 16, 2012 - Clear Channel Media and Entertainment and the Phoenix Media/Communications Group announced today that Clear Channel is purchasing radio station 101.7 (WFNX) from MCC Broadcasting Company, Inc., pending FCC approval. MCC Broadcasting is part of the Phoenix Media/Communications Group and is located in Lynn, MA. Terms of the agreement were not disclosed.

"This was a great opportunity to expand our footprint and our listenership in Boston, a key market with millions of fans who love radio as much as we do," said John Hogan, Chairman and CEO of Clear Channel Media and Entertainment. "We look forward to adding 101.7 to our Boston broadcasting family."

Clear Channel Media and Entertainment currently owns four stations in the Greater Boston area, including WXKS-FM (KISS 108), WJMN-FM, WXKS-AM and WKOX-AM. 

"Over the years WFNX has done spectacular things as a radio station," said Stephen Mindich, Chairman and Chief Executive Officer of The Phoenix Media/Communications Group. "FNX has a celebrated history, including its nearly 30 years of cutting edge programming, its tradition of breaking new music and its ardent fans among both listeners and advertisers." 

Since 1983 the station has played an historic role in bringing new music to audiences in and around Boston. "We introduced Nirvana and Pearl Jam to wider audiences in 1991," said Mindich. "Together with the Boston Phoenix we staged the famous Green Day concert at the Hatch Shell in 1994, and most recently the work of Foster the People, Fun, and Gotye -- to name just a few of the many new groups whose music we introduced to our audience."  

WFNX will remain on the air during time it takes to complete the FCC approval process, and events and concerts -- such as the Best Music Poll (June 13th) and the Seaport Six (June 14th) -- will take place as scheduled.  Additional details can be found by staying tuned to 101.7 WFNX FM, or by visiting www.wfnx.com and www.thephoenix.com online. "

Closing of the transaction is subject to FCC consent and other customary closing conditions.

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