logo
Plus   Neg
Share
Email

Cox Media To Sell Majority Stake In TV Stations To Apollo

Apollo Global Management affiliates have agreed to buy a majority stake in Cox Media Group's broadcast TV stations. Financial details of the deal were not disclosed.

Cox Enterprises will still maintain a minority stake. Apollo and Cox will form a new company headquartered in Atlanta to operate the stations, according to the press release. Apollo Funds will also acquire a majority stake in Cox's radio and newspaper properties in Ohio.

Cox's TV stations, which span cities including Atlanta, Charlotte, North Carolina, Seattle, and Boston, reach a combined 31 million viewers across the country, according to the company.

"These stations have decades of experience breaking barriers and delivering the news and information their communities need daily," said Alex Taylor, president and CEO, Cox Enterprises. "We wanted to find a company that is committed to investing in broadcast television now and in the future, and we found that in Apollo."

The agreement is subject to regulatory approval, which could take about six months.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Shares of Worldpay, Inc. were gaining around 12 percent in London after the eCommerce and payments technology company announced its agreement to be merged with FIS, a U.S. financial services technology company. The combination of stock and cash values Worldpay at an enterprise value of approximately $43 billion, including the assumption of Worldpay debt. Germany's two biggest lenders, Deutsche Bank (DB) and Commerzbank (CRZBY.PK) Sunday confirmed they are in discussions to potential merge. France's National Council of Clerks or NCC, the representative entity of commercial courts' clerks, has successfully deployed an IBM blockchain network, to streamline the management of commercial and corporate registry. The move is expected to improve management of legal transactions related to the companies, and bring better transparency and efficiency.
Follow RTT