Cox announces deal to sell majority stake in TV, media properties

By MixDex Article may include affiliate links

Cox Enterprises has announced it will sell a majority stake in its TV station and media group.

  • Funds connected to¬†Apollo Global Management, a public equity firm, will be used to gain a majority stake in the 14 TV stations Cox owns.
  • Cox also owns newspapers and radio stations in Ohio, which will be part of the deal.
  • However, Cox’s broadband business and an automative division that provides data and software solutions to automative dealers and consumers, including the Kelly Blue Book brand, will be not included in the transaction.
  • Cox Enterprises will still hold a minority stake in the new media company, which has yet to be named.
  • Cox Enterprises also owns the Atlanta Journal-Constitution and radio stations in the Atlanta market, but these are not included in the deal (though WSB, the market’s ABC affiliate will be).
  • Cox’s owns TV stations in Jacksonville and Orlando, Florida, Atlanta, Boston, Charlotte, Dayton, Ohio, Tulsa, Oklahoma, Pittsburgh, Memphis and Seattle.
  • Many of its stations produce strong local newscasts and other local programming, often occupying some of the top spots in the ratings.