Cox Selling Radio Division To Apollo
• Cox Enterprises, Inc. today announced that it has reached an agreement to sell Cox Media Group’s 60+ radio station portfolio as well as its CoxReps and Gamut national advertising businesses to a new broadcasting company that is substantially owned by private equity funds managed by affiliates of Apollo Global Management, LLC. CoxReps is the country’s largest national television rep company for local broadcast television. Gamut offers market leading, customized and localized digital advertising and OTT solutions to clients on a national scale.
The transaction will expand the new company, which announced in February its purchase of CMG’s broadcast television group and the company’s radio, newspaper and television properties in Ohio. Cox Enterprises will maintain a minority stake in the new company, which will maintain the Cox Media Group named and remain headquartered in Atlanta. The buyer plans to maintain the successful operating structure of Cox Media Group’s Television, Radio, CoxReps and Gamut businesses and leverage these assets to continue building a national media company with station properties in key markets across the country.
“We are happy our Cox Radio and national ad platforms will continue to be operated with our television group,” said Alex Taylor, President and CEO, Cox Enterprises. “Keeping these media businesses together gives us even more confidence in the future success of the new company. We have spent many years fostering a culture of collaboration and innovation across these businesses and are pleased to see that work will continue.”
“We are thrilled to acquire the Cox Radio station portfolio, CoxReps and Gamut and combine them with the Cox Television business to form a new media company focused on quality local broadcasting,” said David Sambur, Chairman of the buyer and Senior Partner of Apollo. “Cox has deep roots in the media industry and has stood for the highest quality in local journalism for the past 120 years. As we shepherd these businesses into the future, we are committed to investing in high quality programming and fostering innovation in local media.”
The transaction is subject to customary regulatory review and closing conditions. To comply with FCC ownership limits, the buyer intends to divest two FM stations, one each in Orlando and Tampa.
