Cox, Already Selling Many TV Stations, Now Doing Same With Radio
Cox Enterprises, already selling TV stations, agreed to do the same for radio and also to Apollo Global Management affiliates. It will sell Cox Media Group’s radio portfolio of some 60 stations in 11 markets and CoxReps and Gamut national…
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advertising businesses to a "new broadcasting company that is substantially owned by private equity funds managed by affiliates of Apollo," the media company said Wednesday evening. "The transaction will expand the new company, which announced in February its purchase of Cox Media Group’s broadcast television group and the company’s Radio, Newspaper and Television properties in Ohio." Cox Enterprises will keep a minority stake in the new company that will still go by Cox Media Group. To comply with FCC ownership limits, the buyer plans to divest an FM in Orlando and in Tampa. An expected closing date and terms weren't disclosed, and the buyer and seller didn't comment further right away.