Cox Media To Sell Majority Stake In TV Stations To Apollo

(RTTNews) - Apollo Global Management affiliates have agreed to buy a majority stake in Cox Media Group's broadcast TV stations. Financial details of the deal were not disclosed.

Cox Enterprises will still maintain a minority stake. Apollo and Cox will form a new company headquartered in Atlanta to operate the stations, according to the press release. Apollo Funds will also acquire a majority stake in Cox's radio and newspaper properties in Ohio.

Cox's TV stations, which span cities including Atlanta, Charlotte, North Carolina, Seattle, and Boston, reach a combined 31 million viewers across the country, according to the company.

"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."

The agreement is subject to regulatory approval, which could take about six months.