March 31 will be the last day for the unit that launched in 2014 to work with station groups, agencies and rep firms across the spot TV industry to build an automated television solution that optimizes advertising campaigns and enables workflow efficiencies and data-enhanced audience targeting. The company said it was “no longer sustainable.”
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.
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.
Providence Equity Partners LLC is close to a deal to sell the bulk of its portfolio of Newport Television stations to three broadcasting companies for a total of just over $1 billion, according to people familiar with the matter, the Wall Street Journal is reporting. Nexstar plans to buy the bulk of the 24 stations.
The Media Financial Management Associations is honoring outstanding industry executives with its People to Watch awards. Among this year’s honorees is the SVP of finance for Cox Enterprises who has consistently shown a willingness to take on new challenges. Now, if she could only find time for to earn that helicopter pilot’s license.