Duquesne University announced today that it has reached an agreement to sell the license for National Public Radio/jazz station WDUQ-FM (90.5) to another public radio station in the market.
The university accepted an offer from Essential Public Media, which is a joint venture of WYEP-FM (91.3) and Public Media Co. (PMC).
The sale price is $6 million.
Duquesne had previously said it was hoping for $10 million.
PMC is a nonprofit organization launched by Public Radio Capital, a Boulder, Colo.-based organization that helps communities preserve public radio stations in their markets.
"Essential Public Media is planning to develop and sustain a vibrant media service that brings NPR, global and national news to the region, building on today's media technologies and a deeper emphasis on local journalism," said Susan Harmon, Public Radio Capital's managing director and PMC board director in a statement from the university.
"While local journalism, reflecting the diversity of voices and issues in our community, is a high priority for EPM, we look forward to working with the community of jazz lovers in Pittsburgh as well," said Lee Ferraro, general manager of WYEP.
WDUQ currently has a format that emphasizes jazz along with its news offerings.
The station will continue to involve university students.
Proceeds from the sale will be used to fund some new academic initiatives, including an African Studies program and a professorship in Mission Studies.
The news release did not say where WDUQ's studios would be located.
A press conference was set for later today.