Summit Communications Inc., owner of WXYV-FM and WCAO-AM radio, has agreed to sell the stations to New York-based Granum Communications Inc.
The sale of V-103 FM and Heaven 600 AM, in addition to four other stations in Atlanta and Dallas, is expected to generate $200 million for Summit, which is headquartered in Atlanta.
The sale will not change the format of either station, according to General Manager Roy Deutschman. V-103 FM has been Baltimore's top urban contemporary station since 1978, and Heaven 600 AM has ranked first in the gospel format since 1991, he says.
Final closing of the sale should come later this year, according to Jim Wesley, Summit's president and chief executive officer.
"I believe the current success of the formats is what drew [Granum] to us," Mr. Deutschman says. "They appreciate what we've done here."