Cox Selling TV Stations to Investment Funds
An investment fund is buying a majority of Cox Enterprises' TV stations, Cox announced Friday. Cox will keep a minority stake and join funds managed by affiliates of Apollo Global Management to form a new company headquartered in Atlanta to…
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operate the stations. Apollo also will get majority ownership of Cox’s Ohio radio stations and papers including the Dayton Daily News. “Apollo intends to maintain the successful management and operating structure Cox Media Group’s TV business has created,” Cox said. Among the 13 TV stations in the deal are WSB-TV (ABC) Atlanta and KIRO-TV (CBS) Seattle. Cox's four FMs and one AM in Ohio are included, plus two other papers.