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Private capital giant Apollo Global Management has reached an agreement with Atlanta-based Cox Enterprises to acquire a majority stake in Cox's 13 television stations, as well as three newspapers and a handful of radio stations in Ohio.
Apollo is looking for television channels that have been on the air for some time. The group of Cox stations, which includes affiliates of ABC WSB-TV Atlanta and WFTV-TV Orlando, Florida, was released last July.
Apollo will form a new entity to operate the stations. The private company Cox Enterprises will retain a minority stake in the badets.
"We are extremely pleased that our funds are acquiring a majority interest in Cox Media's broadcast television stations and are impressed by Cox Enterprises' decision to entrust us with the management of these stations and to continue Cox's legacy. "said David Sambur, senior partner Apollo. "We have extraordinary respect and admiration for the journalistic integrity, quality of information and commitment to the community of Cox Media Group's radio stations."
The financial terms of the transaction, which is subject to regulatory review by the FCC, have not been disclosed. The newspapers included in the transaction are Dayton Daily News, Springfield News-Sun and News-News.
"These stations have decades of experience in removing barriers and in disseminating the information and information that their communities need on a daily basis," said Alex Taylor, President and CEO of Cox Enterprises. "We wanted to find a determined company to invest in audiovisual television, now and in the future, and we found it in Apollo."
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