Apollo Global Completes Verizon Media Buy

Apollo Global Management said Wednesday that it has completed its purchase of internet icon Yahoo — formerly Verizon Media — for about $5 billion, from Verizon Communications. As part of the deal, Verizon will retain a 10% ownership interest in the new company. Verizon and Apollo first announced the deal in May, and the sale includes ad tech assets.

Apollo Co-Founder Josh Harris To Step Down, Will Remain On Board

Verizon Sells Yahoo, AOL For $5 Billion

Verizon will sell Verizon Media, which consists of the pioneering tech platforms, to Apollo Global Management in a $5 billion deal.

Verizon Considering Sale Of Media Assets

Verizon is exploring a sale of its media assets, including potentially parts of Yahoo and AOL businesses, people familiar with the matter say. Private-equity firms including Apollo are among the possible bidders.

Leon Black’s Surprise Apollo Global Exit Came Amid Sexual Harassment Allegation

Leon Black’s surprise exit from the helm of Apollo Global Management last month came just days after several directors on the private-equity giant’s board learned of accusations of sexual harassment against him by a woman he claimed was trying to shake him down over a “consensual affair.”

Leon Black Leaving Apollo Ahead Of Schedule

Leon Black, the Wall Street billionaire who was the main client of the disgraced financier Jeffrey Epstein for the last decade of his life, is stepping down as chief executive of Apollo Global Management, several months ahead of schedule.

Apollo CEO Leon Black To Step Down

An inquiry’s finding that Leon Black (l), the billionaire boss of Apollo Global Management, paid convicted sex offender Jeffrey Epstein (r) $158 million touched off an attempt to remove him.

Apollo Investor Group: Black Review Not Independent

A group representing U.S. pension funds says the head of an Apollo Global Management committee overseeing the investigation of CEO Leon Black’s ties to late financier and convicted sex offender Jeffrey Epstein is not independent.

Black Offers More Details On Epstein Ties

Leon Black, the billionaire chief executive of Apollo Global Management, on Thursday offered a history of his ties to the late financier Jeffrey Epstein, his most detailed public account yet of a relationship that sparked renewed concern among his firm’s shareholders and fund investors in recent weeks.

Apollo Investor Revolt Swells

It keeps getting worse for Leon Black. Over the past week, Black’s giant investment firm, Apollo Global Management Inc., has confronted one question after another about his decades-long relationship with convicted sex offender Jeffrey Epstein.

Apollo, CEO Leon Black Seek Outside Review On His Ties With Epstein

Apollo Global Management and its chief executive, Leon Black, have agreed to appoint an external counsel to review his ties with late financier and convicted sex offender Jeffrey Epstein, the buyout firm said on Wednesday.

The Billionaire Who Stood By Jeffrey Epstein

Apollo Global Management’s Leon Black, whose $9 billion fortune could buy the best counsel in the world, paid at least $50 million to Jeffrey Epstein for advice and services after most others had deserted him.

Tegna Suitors Will Have To Spin Off Stations

The race to acquire TV station owner Tegna Inc. hinges not just on the price suitors are willing to pay, but also on how much they may give up in terms of assets to win regulatory approval, people familiar with the matter said. All three bidders own TV stations that regulators would require to be divested because of the potential overlap, the sources added.

RETRANS

Dish-Apollo Retrans Spat Gets More Litigious

When Dish Network lost 18 Apollo Global-owned Cox Media Group stations on Jan 18 (formerly Northwest Broadcasting stations), it managed to keep 13 Cox Media Group stations from going dark on its lineup thanks to a temporary restraining order issued by Illinois state court. But in the latest turn of events, Cox is suing Dish for copyright infringement for the continued carriage of those stations, which include Atlanta’s WSB and Orlando’s WFOX.

Dish Blacked Out By Apollo Northwest Stations

Dish Network said that its subscribers lost access to the signal from stations bought by Apollo Global Management in 10 markets at 7 p.m.  Saturday as retransmission consent negotiations failed. Apollo acquired the stations from Northwest Broadcasting last year.

Nobody Makes Money Like Apollo’s Leon Black

The private equity CEO with a fearsome reputation skates on the edges of other people’s catastrophes and manages to walk away richer.

Apollo Cox Stations Go Dark On FiOS

The Cox Media stations acquired by Apollo Global Management have been blacked out to subscribers to Verizon’s FiOS as the result of a retransmission consent fee dispute. Verizon’s deal with the stations expired Tuesday at midnight.

DMA 63: DAYTON, OH

FCC Rule Being Used To Shrink Paper Schedule

Want to get around a regulation that limits who can own a daily newspaper? Just make it a less-than-daily newspaper.

FCC OK’s $3.5B Purchase Of Cox

The FCC has backed equity firm Apollo Global Management’s takeover of TV and radio stations owned by Cox Enterprises and Northwest Broadcasting. The FCC approved the transactions, totaling almost $3.5 billion, sought by Apollo-controlled Terrier Media Buyer Inc. Media advocacy groups Common Cause and United Church of Christ opposed the deal, arguing it would reduce local media content and viewpoint diversity.

Gannett-New Media Merger In Jeopardy

The FCC held a meeting with private equity firm Apollo Global Management this week to ask questions about its agreement to finance New Media Investment’s planned purchase of Gannett Co., the publisher of USA Today, sources say. The FCC is concerned that the $1.8 billion loan Apollo is providing to finance the merger could violate its duopoly laws, sources say.

Tegna Confirms Apollo M&A Contacts

According to a statement released by the station group, Apollo has proposed first acquiring Tegna and later merging it with Cox Media Group. Apollo struck a deal to acquire Cox in February, but that deal has not yet closed.

Cox Sells Radio, CoxReps, Gamut To Apollo

Cox Enterprises will retain a minority in the new company substantially owned by Apollo Global Management.

ATVA Opposes Apollo Station Purchases

The group says the proposed station buys by Terrier Media, controlled by Apollo Global Management, of properties of Northwest Broadcasting and Cox Broadcasting will “impede competition and diversity and raise prices for consumers.” It urges the FCC to study what it calls “public interest harms” if the deals are approved.

Meredith Looking To Sell Its TV Stations

Meredith Corp. is preparing to explore a sale of its portfolio of TV stations as it looks to streamline its business, people familiar with the matter tell Reuters. Meredith is discussing its plans with financial advisers and has already received interest in its stations from private equity firm Apollo Global Management, the sources say.

Private Equity Mogul Leon Black Likes Local TV

His company, Apollo Global Management, has scooped up 29 television stations across the country. When Apollo lost a key deal, “they were pretty ripshit.” But the march continues.

Cox TV Valued At $3.1 Billion In Apollo Acquisition

According to FCC filings, Terrier Media, a new company created by an Apollo private equity fund, will pay $3.1 billion for the Cox broadcast stations, but that number will be reduced by the value of the still unspecified amount of equity that Cox will retain in the stations. In the end, the Apollo fund will hold 77% of the Terrier equity, while Cox and Northwest Broadcasting, another station group Terrier is rolling up, will split the other 23%. Terrier will keep current Cox managment and be based in Atlanta.  

JESSELL AT LARGE

Jessell | Musings About Apollo-Cox-Northwest-Nexstar

Apollo Global is cobbling together a major new station group by melding Cox, Northwest and spinoffs from the Nexstar-Tribune merger. Not much is known about the four-sided deal at this point, but it’s got everybody talking. Most surprising to me: Northwest and its retrans contracts may be the key to the whole thing.

Apollo Near Deal For Some Nexstar Stations

The TV industry has an unlikely new star: Leon Black. The billionaire investor is poised to become one of the biggest players in local television thanks to a dealmaking spree. His private equity firm, Apollo Global Management, is working on a trifecta of transactions that could give it control of more than 40 stations from Atlanta to Seattle. First off, Apollo is in talks to buy a group of local television stations from Nexstar Media Group Inc. for more than $1 billion, according to people with knowledge of the matter. The deal could be announced in the next week, said the people, who asked to not be identified because the discussions aren’t public.

Private Equity Is Coming For Local TV

One of the world’s largest private equity firms is moving in on the local media landscape, placing billion-dollar bets on some of the biggest local TV franchises in the U.S. Apollo Global Management’s local media spree could one day give the firm significant local TV power.

Cox Selling Majority Interest In Stations To Apollo

Apollo Global Management will get a majority interest in Cox Media Group’s 13 television stations. Cox Enterprises will maintain a minority stake and will join Apollo in forming a new company to operate these stations, which will be headquartered in Atlanta.

Apollo Nears $3B Deal To Buy Cox Stations

Apollo Global Management LLC is nearing a roughly $3 billion agreement to acquire Cox Enterprises Inc.’s 14 TV stations, the biggest in a series of deals the private equity firm is lining up to become a force in U.S. broadcasting, people familiar with the matter said on Sunday. Apollo is also a bidder for a portfolio of local TV stations worth about $1 billion that Nexstar Media Group  plans to shed following its $4.1 billion takeover of Tribune Media. And it may snap up stations of Northwest Broadcasting.

Report: Brady, Apollo Teaming For Tribune Bid

Reuters is reporting that Northwest Broadcasting’s Brian Brady is joining forces with private equity Apollo Global Management to make a bid for Tribune Media. The report also says that Nexstar is in the Tribune chase and that if it fails it will turn its sights on Cox Media’s TV group, which includes three Top 25 ABC affiliates.

 

M&A

Nexstar Stock Rises On Buyout Talk

Shares of Nexstar Media Group soared Wednesday after Reuters reported that private equity firm Apollo Global Management had approached the second largest broadcast station owner in the U.S. about a possible buyout.

M&A

Apollo Makes Overture To Buy Nexstar

Buyout firm Apollo Global Management has approached Nexstar Media Group, an operator of television stations that reach nearly 40% of U.S. households, to express interest in acquiring it, according to people familiar with the matter. The approach comes a year after Nexstar’s $2.3 billion acquisition of peer Media General turned it into one of the largest U.S. broadcasters.

Leon Black May Be Looking To Buy Tronc

The New York billionaire’s buyout shop Apollo Global Management is eyeing an acquisition of publishing empire Tronc — swooping in as negotiations to sell the company’s Los Angeles Times and San Diego Union-Tribune papers have stalled.

Fox Seeks To Dismiss $240M ‘Idol’ Lawsuit

The suit alleges that Fox schemed with private equity giant Apollo Global Management to strip the assets of American Idol producer Core Media to the detriment of lenders.

Redbox Owner To Be Sold For $1.6 Billion

Investment firm Apollo Global Management is set to acquire the Washington-based Outerwall, owner of struggling DVD-rental kiosk chain Redbox, for $1.6 billion. Apollo, which is headquartered in New York, will acquire Outerwall’s outstanding shares of common stock for $52 per share.

Fox, Apollo Finalize Joint Venture Deal

21st Century Fox and Apollo Global Management ‘s joint venture bringing together Endemol, Shine and Core Media has been formally completed following regulatory approval. The new joint venture will operate under the name Endemol Shine Group, with Fox and funds managed by Apollo affiliates each owning 50 percent.

Fox, Apollo Create Multiplatform Content Co.

Former BSkyB content executive Sophie Turner Laing will be CEO of the new group that brings together Endemol, Shine Group and Core Media.

Fox, Apollo In Talks On TV Joint Venture

Rupert Murdoch’s 21st Century Fox and the private equity firm Apollo Global Management have entered into a preliminary agreement to create a joint venture consisting of several leading television production companies, people familiar with the matter said. Under the proposed terms, the joint venture would manage 21st Century Fox’s Shine Group as well as the Apollo-controlled Endemol and Core Media Group, which are run as separate companies. The combination would create a global television production juggernaut with shows ranging from American Idol to The Biggest Loser.