Cox Enterprises Inc. today announced that it has reached an agreement with funds managed by affiliates of Apollo Global Management, LLC 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, Ga.
Cox Media Group’s high-performing TV stations serve some of the most desirable markets in the country and reach a combined 31 million viewers nationwide. With a deep focus on investigative journalism, these TV stations are leading local news and information outlets, and cornerstones of the communities they serve. The stations, which represent Cox Media Group’s entire television portfolio, are:
WSB-TV, ABC Atlanta, Ga.
WFTV-TV, ABC Orlando, Fla.
WRDQ-TV, Independent Orlando, Fla.
WSOC-TV, ABC Charlotte, N.C.
WAXN-TV, Independent Charlotte, N.C.
WPXI-TV, NBC Pittsburgh, Pa.
WHIO-TV, CBS Dayton, Ohio
KIRO-TV, CBS Seattle, Wash.
WHBQ-TV, FOX, Memphis, Tenn.
WFOX-TV, FOX Jacksonville, Fla.
WFXT-TV, FOX Boston, Mass.
KOKI-TV, FOX Tulsa, Okla.
KMYT-TV, My Network Tulsa Okla.
Cox Media Group also provides programming, sales and other operations services for WJAX-TV, CBS Jacksonville, Fla.
In addition to WHIO-TV, the Apollo Funds will acquire a majority stake in Cox Media Group’s other media platforms in Ohio:
Dayton Daily News
WZLR, 95.3 FM and 101.1 FM
WHKO, 99.1 FM
WHIO, 95.7 FM and 1290 AM
“These stations have decades of experience breaking barriers and delivering the news and information their communities need daily,” said Alex Taylor, president and 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.”