WNYC Radio in New York City, the nation's largest public radio station, has announced the acquisition of WQXR-FM from the New York Times Company, enabling the city's only dedicated classical music station to continue to serve the New York metropolitan area.

As part of the transaction, Univision Radio, the largest Spanish-language radio broadcaster in the United States, will pay the Times Company $33.5 million to exchange the FCC broadcast license and transmitting equipment for 105.9 FM for the Times Company's license, equipment, and signal at 96.3 FM. At the same time, WNYC will purchase the broadcast license for 105.9 FM, all related transmitting equipment, and WQXR's call letters and Web site from the Times Company for $11.5 million.

"For generations, WQXR has made classical music available free to millions, and has infused the concert hall experience into the daily lives of New Yorkers," said WNYC president and CEO Laura Walker. "We are delighted to continue this tradition and to extend WNYC's own eighty-five-year commitment to classical music and the arts."

To assist with the purchase and the operation of the station, WNYC has launched a $15 million Campaign to Preserve Classical Music Radio in New York City, with a $5 million lead challenge grant from the Jerome L. Greene Foundation. Classical pianist Emanuel Ax will co-chair the campaign with WNYC board members Nicki Tanner and Martha Fleischman.

"I am happy to stand with WNYC as it carries off the sonic equivalent of saving Carnegie Hall from the wrecker's ball by preserving WQXR as our sole all-classical music station," said Ax. "I know that all of my colleagues will rejoice in this wonderful and meaningful use of the airwaves, and I urge all of New York to embrace and support WNYC's leap of faith."