The New York Times Co. sold its famed New York City classical music radio station WQXR-FM Monday in a deal that will net the indebted publisher $45 million.

The agreement involves subsidiaries of Univision Radio Inc., the Spanish-language broadcaster, and WNYC Radio, the operator of a listener-support public station.

Univision Radio is paying the Times Co. $33.5 million to exchange the Federal Communications Commission (FCC) 105.9 FM broadcast license and transmitting equipment for the Times Company's license, equipment and stronger signal at 96.3 FM, the Times Co. said.

At the same time, WNYC Radio is buying the FCC license for 105.9 FM, all related transmitting equipment and WQXR's call letters and Web site from the Times Co. for $11.5 million.

Univision Radio will retain the WCAA call letters.

The deal allows WCAA to reach a larger service area with its Spanish-language programming. "NYC will operate WQXR-FM on 105.9 FM and continue to serve the vast majority of its current audience as a listener-supported public station dedicated to classical music," the Times Co. said in a statement.

The transaction is expected to close in the second half of the year after FCC approval has been granted.

The Times Co. announcement did not say what the proceeds of the sale and swaps will be used for, but it is carrying $1.09 billion in debt and recently stopped paying stock dividends to devote cash flow to paying off its loans. It has also put some assets up for sale, including The Boston Globe and a sibling paper in Massachusetts.

"WQXR is the nation's preeminent classical music station," Times Co. President and CEO Janet L. Robinson said in a statement. "We are very pleased that this transaction will preserve WQXR's ability to serve New York City's classical music audience and its cultural institutions as a public radio station."

The Times Co. bought WQXR-FM and its AM counterpart in 1944. It sold the AM station to Radio Disney in 2006.