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.
The $21 million deal announced in December includes full-power, Class A and low-power television stations serving the Sacramento and Salt Lake City markets.
The sale of WCAV-TV, WVAW-LD Charlottesville, VA by Gray Television to Lockwood Broadcasting tops the latest list of TV station transactions submitted to the FCC for its approval, according to BIA Advisory Services.
It’s selling its CBS-Fox affiliate WCAV and ABC affil WVAW to Lockwood Broadcasting and buying the market’s NBC affiliate WVIR from Waterman Broadcasting.
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.
The sale of W28ES-D New York New York by Venture Technologies Group to HC2 Holdings tops the latest list of TV station transactions submitted to the FCC for its approval, according to BIA Advisory Services.
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.
The sale of two stations and related licenses in Minnesota and New York by United Communications to Gray Television tops the latest list of TV station transactions submitted to the FCC for its approval, according to BIA Advisory Services.
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.
The $45 million acquisition comprises CBS affil WWNY and WNYF-CD (Fox) Watertown, N.Y., and CBS-Fox affiliate KEYC Mankato, Minn.