Deals
Apollo Agrees to Acquire Majority Stake in Cox's TV Stations
- The batch of stations is said to be worth about $3 billion
- Cox will maintain a minority stake and help run the business
Photographer: bonetta/iStockphoto via Getty Images
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Apollo Global Management LLC agreed to buy the majority stake in Cox Enterprises Inc.’s television broadcasters, transforming the private equity giant into a key player in local TV with 13 stations from Florida to Seattle.
Cox will keep a minority stake and help operate the stations via a new business based in Atlanta, the companies said Friday. The deal also includes radio and newspaper properties in Ohio.