New York Times Co. (NYT) inked a deal to unload its New York radio station in a deal worth $45 million as the struggling newspaper company raises more cash from its assets outside of its namesake chain.

The company, which has been struggling amid a prolonged advertising slump and a migration to the Internet, has been exploring the sale of some assets for some time to deal with its debt load.

On Tuesday, New York Times said WQXR-FM, a classical music station that serves the metropolitan area, would be acquired by the radio segment of Univision Communications Inc. (UVN). The Spanish-language media company will pay $33.5 million to exchange the broadcast license and transmitting equipment for its 105.9 FM frequency for that of WQXR's 96.3 frequency, which has a stronger signal. WNYC Radio will then pay New York Times $11.5 million for the WQXR-related assets.

The transaction is expected to close in the second half of the year, pending Federal Communications Commission approval.

WQXR was founded in 1936 as the U.S.'s first commercial classical station. The FM station signed on in 1939 and both were sold to New York Times in 1944. New York Times sold off the AM station to Walt Disney Co.'s (DIS) Radio Disney in 2006. The classical music will remain on the station, which New York Times said will reach "the vast majority" of its current audience.

The deal is one of several New York Times has been looking at or already agreed to in recent months. It settled on a $225 million sale-leaseback of its Manhattan headquarters with an investment firm in March, and has been exploring the sale of its stake in New England Sports Ventures LLC, owner of baseball's Boston Red Sox and Fenway Park.

New York Times is also seeking bids for the Boston Globe after wrangling with the paper's union, in order to raise revenue and keep from closing the struggling newspaper.

Shares were up 1% to $5 in recent trading.

   -By John Kell, Dow Jones Newswires; 212-416-2480; john.kell@dowjones.com