Cox Enterprises has reached an agreement with funds
managed by affiliates of Apollo Global Management to 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.
Cox Media Group’s TV stations reach a combined
31 million viewers nationwide. The purchase involves 13 stations, including
WSB-TV, ABC Atlanta; WFTV-TV, ABC Orlando; WPXI-TV, NBC Pittsburgh; WFXT-TV,
FOX Boston and WHIO-TV, Dayton ,
Ohio Ohio : the Dayton Daily News; the Springfield News-Sun;
the Journal-News (covering Butler
County
The transaction is subject to customary
regulatory review and closing conditions.
Private-equity firm Apollo has offices in New York , Los Angeles , San Diego , Houston , Bethesda , London , Frankfurt , Madrid , Luxembourg , Mumbai, Delhi ,
Singapore , Hong Kong, Shanghai and Tokyo
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