CMG/Apollo Marriage Is Consumated
• Cox Enterprises has formally completed the sale of Cox Media Group (CMG) to affiliates of Apollo Global Management, Inc. The sale includes Cox’s portfolio of 13 television and 54 radio stations, its Ohio assets, CoxReps and Gamut national advertising businesses. Cox maintains a minority stake in the new company, which will include Northwest Broadcasting and will continue to operate under the name Cox Media Group.
“We could not have asked for a better partner than Apollo in this new phase for CMG,” said Alex Taylor, President & CEO of Cox Enterprises. “Together with the people that continue to make CMG the special company that it is, they’re in a perfect position for future success.”
As was previously announced, current CMG President Kim Guthrie (pictured) will lead the new Cox Media Group as President & CEO, overseeing all content, sales and operations for CMG businesses. “I am truly honored to lead CMG into the future, during such an exciting time for our company,” Guthrie said. “We have a unique opportunity to continue to build on the foundation of our rich history, leverage our equity in the markets we serve and redefine CMG’s place in the media landscape. We look forward to this new partnership to drive future investment, innovation and growth.”
Elsewhere in the executive suite, Brett Fennell, currently CFO & EVP of National Advertising Platforms will assume the new title of EVP & Chief Financial Officer; Marian Pittman, currently EVP of CMG will become EVP, Content, Product & Innovation; Bill Hendrich will serve as EVP, Radio; Paul Curran will assume the role of EVP, Television; Mary Ellen Marcilliat-Falkner will be upped to EVP & Chief People Officer, and Heidi Eddy-Dorn will serve as General Counsel, Chief Compliance Officer & Corporate Secretary.
