Exhibit 99.3
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FOR IMMEDIATE RELEASE
COX RADIO COMPLETES ATLANTA AND HOUSTON ACQUISITIONS Retains
Intellectual Property of Leading Atlanta Station, WALR-FM
Fills in Houston Cluster with Fourth FM Station
ATLANTA, September 5, 2000 - Cox Radio, Inc. (NYSE: CXR) announced
today that it has completed its previously announced acquisition of the capital
stock of Midwestern Broadcasting Company, Inc. which owns WALR-FM serving the
Atlanta market for $280 million. In a related transaction, Cox Radio also
announced that it has completed its asset exchange agreement with Salem
Communications Corporation (Nasdaq: SALM) to exchange the license and
transmitting facilities of WALR-FM serving Atlanta, as well as the license and
transmitting facilities of radio stations KLUP-AM serving San Antonio and
WSUN-AM serving Tampa for the license and transmitting facilities of radio
station KKHT-FM serving Houston. Cox Radio retained the intellectual property of
WALR-FM and is broadcasting this programming on its WJZF-FM signal in Atlanta.
WALR-FM is Atlanta's fourth ranked radio station Adults 25-54.
With the addition of KKHT-FM, Cox Radio owns and operates 4 FM stations
serving the Houston market, the nation's 8th largest radio revenue market. Cox
Radio owns, operates or provides sales and marketing services for 81 stations
(64 FM and 17 AM) clustered in 17 markets including major markets such as
Atlanta, Houston, Miami, Tampa, Orlando and San Antonio.
Cox Radio is the fourth largest radio company in the United States
based on net revenues. Cox Radio's shares of Class A Common Stock are traded on
the New York Stock Exchange under the symbol "CXR."
Analysts and Investors Analysts, Investors, Press or Media
Neil Johnston John Buckley
Chief Financial Officer Brainerd Communicators, Inc.
Cox Radio, Inc. 212-986-6667
404-843-7882
Any statements in this press release that are not historical facts are
forward-looking statements within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended. Any expressions that indicate future events
and identify trends are forward-looking statements. These forward-looking
statements are subject to risks and uncertainties that could cause actual
results to differ materially from historical results or those Cox Radio
anticipates. Factors that could have a material and adverse impact on Cox
Radio's business are identified in the discussion of risk factors relating to
Cox Radio's business and operations in the Company's most recent Form 10K. Cox
Radio undertakes no obligation to release publicly the results of any revisions
to forward-looking statements made in this press release to reflect events or
circumstances after the date of this release or to reflect the occurrence of
unanticipated events.
