The company has also appointed a new Board of Directors as it transitions to private ownership. However, its existing management team will remain in place.
"I am enormously proud of what we have accomplished together, but what I will value most are the relationships I have built and the opportunity to work alongside such extraordinarily talented and dedicated colleagues.”
The transaction would also position FOX as the country's third-largest media distributor, behind YouTube and the newly combined Paramount Skydance and Warner Bros. Discovery.
“We believe radio plays a crucial role in our local communities and we look forward to supporting the teams at Titan Broadcasting, Pritchard Broadcasting Corporation, and Galesburg Broadcasting Company in fulfilling that role.”