The cash challenged New York Times may be considering selling its New York based classical radio station.

From the NY Post

BEETHOVEN and Bach could become the latest victims of the New York Times Co.’s financial crisis.

Rumors are raging that top suits have discussed putting classical radio station WQXR (96.3 FM) on the block to shore up the company’s dwindling cash stash, which, The Post reported last week, is down to $34 million after debts are weighed in. The Times itself is dropping sections and demanding huge cutbacks at The Boston Globe.

Allan Sniffen, who runs the influential New York Radio Message Board, told Page Six: “It would make sense for the New York Times, and the rumors that make the most sense usually have legs.” As to how much the station is worth, Sniffen said, “In this market and with the state of radio? Anyone’s best guess. Maybe $50 million?”

WQXR, which plays such artists as Joshua Bell, Itzhak Perlman and Yo-Yo Ma and has been owned by the Times since 1944, has never been a big moneymaker. In Arbitron’s New York radio station ratings for March, WQXR ranks a distant 18th place for the number of listeners it has in an average quarter-hour.

Sniffen said the Times may also want to consider leasing WQXR’s frequency. “They would still own it and might be able to sell it for more later in a better economy,” he said. “In the meantime, it probably would generate more money than the station currently does.”

One interested party might be ESPN, which is said to want an FM outlet for its WEPN (1050 AM) sports programming, which includes Knick, Jet and Ranger games but can’t be heard clearly in parts of the metro area. Several months ago, ESPN was reported to have talked with Emmis Communications about leasing low-rated rock station WRXP (101.9 FM), although no deal was made.

An ESPN rep didn’t return our call. Times spokeswoman Catherine Mathis said, “We don’t comment on rumors concerning potential acquisitions or divestitures.”

The Times is also trying to unload its 20% stake in the Boston Red Sox as they try to shed non-core assets to raise cash.  At some point though they will run out of things to sell and then what?

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