Cox Enterprises has reached an agreement with funds managed by affiliates of Apollo Global Management to buy a majority interest in Cox Media Group’s broadcast television stations, including the company’s radio, newspaper and TV properties in Ohio.
Cox Enterprises will maintain a minority stake and will join the Apollo Funds in forming a new company to operate these stations, which will be headquartered in Atlanta.
Cox Media Group’s TV stations reach a combined 31 million viewers nationwide. The purchase involves 13 stations, including WSB-TV, ABC Atlanta; WFTV-TV, ABC Orlando; WPXI-TV, NBC Pittsburgh; WFXT-TV, FOX Boston and WHIO-TV, Dayton, Ohio. The Apollo Funds will also acquire a majority stake in Cox Media Group’s other media platforms in Ohio: the Dayton Daily News; the Springfield News-Sun; the Journal-News (covering Butler County); WZLR, 95.3 FM and 101.1 FM; WHKO, 99.1 FM and WHIO, 95.7 FM and 1290 AM. Cox Media Group also provides programming, sales and other operations services for WJAX-TV, CBS Jacksonville.
The transaction is subject to customary regulatory review and closing conditions.
Private-equity firm Apollo has offices in New York, Los Angeles, San Diego, Houston, Bethesda, London, Frankfurt, Madrid, Luxembourg, Mumbai, Delhi, Singapore, Hong Kong, Shanghai and Tokyo.