Private equity giant Apollo Global Management has cut an agreement with Atlanta-based Cox Enterprises to buy a majority stake in Cox's 13 television stations, as well as three newspapers and a handful of radio stations in Ohio.
Apollo has long been looking for broadcast television stations. Cox's station group, which includes ABC affiliates WSB-TV Atlanta and WFTV TV Orlando, Fla., Was put in the block last July.
Apollo will create a new drive for the operation of the stations. Private enterprise Cox Enterprises will retain a minority shareholding in the assets.
"We are delighted that our funds will get a majority interest in Cox Media Group's broadcast stations and are humiliated by Cox Enterprises' decision to entrust us with managing these stations and continuing with the Cox legacy," said David Sambur, senior partner. at Apollo. "We have an extraordinary amount of respect and admiration for the journalistic integrity, news quality and community engagement across Cox Media Group's broadcasting stations."
Financial terms of the agreement, which are regularly reviewed by the FCC, were not provided The newspapers included in the transaction are Dayton Daily News, Springfield News-Sun and Journal News.
"These stations have decades of experience breaking barriers and delivering news and information their communities need daily," said Alex Taylor, president and president. CEO of Cox Enterprises. "We wanted to find a company committed to investing in broadcast TV now and in the future one, and we found it in Apollo. "