The American investment company Apollo Global Management Inc. intends to sell assets of Cox Media Group, including a portfolio of television and radio stations from Atlanta to Seattle. This is reported by foreign media.
Apollo attracted Moelis&Co. as a consultant to evaluate the sale of Cox Media Group, which could be worth $4 billion.
Nexstar Media Group Inc. and Gray Media Inc. are among the contenders to acquire part of the assets or the entire share capital of Cox Media.
The potential sale of the broadcast television and radio business is explained by the expected consolidation of assets in the broadcast television sector amid declining viewership and advertising revenue due to consumer migration to digital platforms.
In 2019, Apollo entered into an agreement to acquire dozens of stations owned by Cox Enterprises and Northwest Broadcasting Inc. and founded a new media company, Cox Media Group, with a controlling stake to manage the business. Cox Enterprises retained a minority stake.
Cox Media is an American television and radio holding company with the Pittsburgh Cable News Channel, a regional cable news network. Cox Media's television business includes CBS, Fox, and other affiliates in nine markets with 60 million customers. Cox Media Group also owns assets in the advertising business. The company is headquartered in Atlanta, Georgia.
Apollo Global Management is an American alternative asset management investment company. The company provides a wide range of services, including asset management in income, hybrid and stock markets, as well as pension services. First of all, the company serves the financial sector. The headquarters is located in New York (USA). The market value is $85.2 billion and the assets are $70 billion.
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