Cox Spins Off TV Stations, Ohio Properties
• Yet another major media transaction this week, this time from Cox Enterprises, parent company of Cox Media Group (CMG), which just announced an agreement with Apollo Global Management, LLC to buy a majority interest of CMG’s broadcast television stations, as well as its radio, newspaper and TV properties in Ohio. Cox Enterprises will maintain a minority stake and join Apollo in forming a new company to operate these stations, which will be headquartered in Atlanta.
The television stations included in the deal are: WSB-TV/Atlanta, WFTV-TV and WRDQ-TV/Orlando, WSOC-TV and WAXN-TV/Charlotte, WPXI-TV/Pittsburgh, WHIO-TV/Dayton, KIRO-TV/Seattle, WHBQ-TV/Memphis, WFOX-TV/Jacksonville, WFXT-TV/Boston, KOKI-TV and KMYT-TV/Tulsa, OK. CMG also provides programming, sales and other operations services for WJAX-TV/Jacksonville, FL.
In addition to WHIO-TV/Dayton, the Apollo Funds will acquire a majority stake in Cox Media Group’s other media platforms in Ohio — Classic Hits WZLR, Country WHKO (K99.1) and News-Talk WHIO-AM/Dayton, as well as the Dayton Daily News, Springfield News-Sun and Journal-News.
The agreement with Apollo is the next step in the process that began last summer when Cox Enterprises initially announced its decision to explore strategic alternatives for CMG-TV’s portfolio. In a statement, the company said, “Cox’s roots in television go back more than 70 years, and CMG is one of the most respected broadcasters in the industry. We firmly believe that our TV portfolio — and our teams of talented people at the properties — will thrive and grow by being part of this new venture.”
Alex Taylor, President & CEO of Cox Enterprises, stated, “We didn’t make this decision lightly. Many CMG employees have been with us for the majority or all of their careers. I’m proud beyond words of how the entire CMG team has operated throughout the years, especially during the past several months. Our CMG team is the best in the business. They have shown courage and resilience as we step into a brighter, stronger future.”
