Increases due to station sales and purchases
NEW YORK — Cox Radio’s net income soared more than fivefold in its latest quarter to $32.7 million due to a hefty $24 million gain on the sale of radio stations in Syracuse, N.Y.
Revenue rose 14% to $78.6 million due, in part, to station acquisitions in Long Island, N.Y.; Tampa, Fla.; and Louisville, Ky. Stations in Orlando, Fla.; Birmingham, Ala.; and Atlanta, where Cox is headquartered, were particularly strong performers, the company said.
On a same-station basis, which assumes the same number of radio stations each period, revenue rose 8% to $70 million.
Cox said it continues to seek opportunities to expand its station portfolio.
The company’s stock fell $1 Monday to $55.25.