Cox Enterprises said it agreed to sell Cox Media Group’s radio stations, CoxReps and its Gamut advertising business to a new company owned by Apollo Global Management private equity funds.
Apollo earlier agreed to buy Cox’s TV stations and plans to combine them with the newly acquired assets to build a national media company with stations in key markets across the country.
Cox Enterprises will have a minority stake in the new company, which will continue to use the name Cox Media Group and be headquartered in Atlanta.
Financial terms were not disclosed.
“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.”
Cox has more than 60 radio stations in 11 markets reaching 14 million listeners monthly.
The transaction is subject to customary regulatory review and closing conditions. Radio stations currently owned by Cox Media Group are set forth below. To comply with FCC ownership limits, the buyer intends to divest two FM stations, one each in Orlando and Tampa.
“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.”