Cox Selling Majority Interest In Stations To Apollo

Cox’s WSB Atlanta

Cox Enterprises Inc. said today that Apollo Global Management will buy a majority interest in Cox Media Group’s broadcast television stations, including the company’s radio, newspaper and TV properties in Ohio. Cox Enterprises will maintain a minority stake and will join the Apollo Funds in forming a new company to operate these stations, which will be headquartered in Atlanta. Financial terms weren’t disclosed.

Cox Media Group’s TV stations reach a combined 31 million viewers nationwide. The stations, which represent Cox Media Group’s entire television portfolio, are:

WSB Atlanta (ABC)

WFTV Orlando, Fla. (ABC)-WRDQ (ind.)

WSOC Charlotte, N.C. (ABC)-WXAN (ind.)

WPXI Pittsburgh (NBC)

WHIO Dayton, Ohio (CBS)

KIRO Seattle (CBS)

WHBQ Memphis (Fox)

WFOX Jacksonville, Fla. (Fox)

WFXT Boston (Fox)

KOKI Tulsa, Okla. (Fox)-KMYT (MNT)

Cox Media Group also provides programming, sales and other operations services for WJAX (CBS) Jacksonville, Fla.

In addition to WHIO, the Apollo Funds will acquire a majority stake in Cox Media Group’s other media platforms in Ohio: Dayton Daily News, Springfield News-Sun, Journal News, WZLR-FM Dayton, WHKO-FM Springfield and WHIO-AM-FM Dayton

Cox Enterprises said it began exploring strategic alternatives for the stations last July “with the goal of finding a motivated strategic partner with a shared vision for the future and the resources to continue investing in the business to build scale. Apollo intends to maintain the successful management and operating structure Cox Media Group’s TV business has created.”

“These stations have decades of experience breaking barriers and delivering the news and information their communities need daily,” said Alex Taylor, president-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.”

“We are extremely excited for our funds to acquire a majority interest in Cox Media Group’s broadcast television stations and are humbled by Cox Enterprises’ decision to entrust us to steward these stations and carry on the Cox legacy. We have an extraordinary amount of respect and admiration for the journalistic integrity, news quality, and commitment to community across Cox Media Group’s broadcast stations,” said David Sambur, senior partner at Apollo.

“We look forward, in collaboration with Cox Enterprises, to supporting the high standards to which each station operates and contributing to the platform’s future growth and prosperity.”

The transaction is subject to customary regulatory review and closing conditions.