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Cox closes Long Island deal

Radio co. gets four stations for $48 mil from SFX/Capstar

NEW YORK — Cox Radio Inc. announced Monday that proceeds from a $200 million placement in private debt will be used to pay down revolving credit and that its $48 million acquisition of four Long Island radio stations from SFX/Capstar is now complete.

The Atlanta-based radio station group negotiated its entry into Long Island in March, obtaining the very properties that the Dept. of Justice had denied being transferred to Chancellor Media Corp., a sister company of SFX/Capstar by virtue of both being controlled by the Dallas-based buyout firm Hicks, Muse Tate, & Furst.

Upon closing of all pending transactions, Cox Radio will own, operate or provide services to 59 radio stations.

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