Report Says Cox Media Group In Talks To Sell TV Stations To Apollo Global Management

Seller?

The news, reported first by CNBC, that private equity firm APOLLO GLOBAL MANAGEMENT LLC is close to a deal to buy COX MEDIA GROUP's TV stations for about $3 billion is raising speculation about the fate of COX's radio stations and newspapers.

The deal may be announced "later this week," CNBC's report says, noting that APOLLO is also a bidder for the spinoffs from the NEXSTAR-TRIBUNE deal and is buying the NORTHWEST BROADCASTING group of TV stations.  The company has been silent about the fate of its radio stations.

The COX TV stations include ABC affiliate WSB-TV/ATLANTA, the home-market station which the CNBC report said may involve a "joint venture agreement" between COX and APOLLO; FOX affiliate WFXT-TV/BOSTON; CBS affiliate KIRO-TV/SEATTLE; ABC affiliate WFTV (TV) and independent WRDQ-TV/ORLANDO; ABC affiliate WSOC-TV and independent WAXN-TV/CHARLOTTE; CBS affiliate WHIO-TV/DAYTON; NBC affiliate WPXI-TV/PITTSBURGH; FOX affiliate WHBQ-TV (FOX 13)/MEMPHIS; FOX affiliate KOKI-TV (FOX 23) and MY NETWORK TV affiliate KMYT-TV/TULSA; and FOX affiliate WFOX-TV (FOX 30)/JACKSONVILLE, plus a shared services agreement under which COX operates CBS affiliate WJAX-TV (CBS 47)/JACKSONVILLE.

COX's radio markets include HOUSTON, ATLANTA, MIAMI, TAMPA-ST. PETERSBURG, ORLANDO, SAN ANTONIO, NASSAU-SUFFOLK, JACKSONVILLE, TULSA, DAYTON, and ATHENS, GA.  CMG has sold off several of its newspapers but retains the ATLANTA JOURNAL-CONSTITUTION, DAYTON DAILY NEWS, HAMILTON (OH) JOURNAL-NEWS, and SPRINGFIELD (OH) NEWS-SUN.

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