Report: Apollo Nears Purchase of Cox Stations

Reuters says 14 TV stations expected to fetch $3 billion
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Cox Media Group is nearing the finish line in the months-long process of selling 14 television stations across the country, with private equity giant Apollo Global Management said to be close to a deal to purchase the properties for about $3 billion.

News that Apollo was close to a deal was first reported by Reuters. A deal was expected to be announced as soon as this week. 

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In a statement Tuesday, Cox Media said it is still evaluating its options with the stations.

“This process is ongoing, and we are not disclosing any information on the process or interested parties at this time,” Cox Media said in a statement. “We will make an official announcement once a decision has been made.”

Cox put the stations on the auction block in July. The stations include ABC, NBC, Telemundo, CBS and Fox affiliates in nine states and reach more than 31 million viewers in markets like Atlanta; Boston; Seattle; Pittsburgh, Pa.; Tulsa, Okla.; Dayton, Ohio; Orlando, Tampa and Jacksonville, Fla.; Memphis, Tenn.; and Charlotte, N.C.

Apollo has been an aggressive investor in TV stations. It agreed to purchase Northwest Broadcasting, which owns about 12 stations in the Pacific Northwest, last year and is one of the bidders to purchase certain TV stations to be divested as part of Nexstar Media’s $6.4 billion purchase of Tribune Media. 

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