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
MillerCoors LLC has filed a lawsuit against Anheuser-Busch Companies LLC, part of Anheuser-Busch InBev, alleging that Anheuser-Busch's ad campaigns associating MillerCoors' products, Miller Lite and Coor Light, with corn syrup is "false and misleading." During the Super Bowl, ABInBev ran an advertising campaign that mocked Miller Lite and Coors Light use corn syrup in brewing. Shares of Biogen Inc. are falling almost 28 percent in Thursday's trading after the company and Japanese drugmaker Eisai Co. said they will discontinue two late-stage trials for their experimental Alzheimer's drug, Aducanumab. The two Phase 3 trials, ENGAGE and EMERGE, are multi-center, randomized, double-blind, placebo-controlled, parallel-group studies designed to evaluate Aducanumab. The European Union on Wednesday ordered Alphabet Inc.'s Google to pay an antitrust fine of 1.49 billion euros for abusing its dominant position in the online search advertising intermediation market by preventing competition. This is the third antitrust fine by the EU against Google and it represents 1.29 percent of the tech giant's turnover in 2018.
Follow RTT