Atlanta — Cox Enterprises, Inc. today announced that it has reached an agreement to sell Cox Media Group’s Radio station portfolio as well as its CoxReps and Gamut national advertising businesses to a new broadcasting company that is substantially owned by private equity funds managed by affiliates of Apollo Global Management, LLC. The transaction will expand the new company, which announced in February its purchase of Cox Media Group’s broadcast television group and the company’s Radio, Newspaper and Television properties in Ohio.
Cox Enterprises will maintain a minority stake in the new company, which will maintain the name “Cox Media Group” and will be headquartered in Atlanta, Ga.
Cox Media Group operates more than 60 radio stations across 11 markets, reaching 14 million listeners monthly. CoxReps is the country’s largest national television rep company for local broadcast television. Gamut offers market leading, customized and localized digital advertising and OTT solutions to clients on a national scale.
The buyer plans to maintain the successful operating structure of Cox Media Group’s Television, Radio, CoxReps and Gamut businesses and leverage these assets to continue building a national media company with station properties in key markets across the country.
“We are happy our Cox Radio and national ad platforms will continue to be operated with our television group,” said Alex Taylor, president and CEO, Cox Enterprises. “Keeping these media businesses together gives us even more confidence in the future success of the new company. We have spent many years fostering a culture of collaboration and innovation across these businesses and are pleased to see that work will continue.”
“We are thrilled to acquire the Cox Radio station portfolio, CoxReps and Gamut and combine them with the Cox Television business to form a new media company focused on quality local broadcasting,” said David Sambur, Chairman of the buyer and Senior Partner of Apollo. “Cox has deep roots in the media industry and has stood for the highest quality in local journalism for the past 120 years. As we shepherd these businesses into the future, we are committed to investing in high quality programming and fostering innovation in local media.”
The transaction is subject to customary regulatory review and closing conditions. Radio stations currently owned by Cox Media Group are set forth below. To comply with FCC ownership limits, the buyer intends to divest two FM stations, one each in Orlando and Tampa.
Eversheds Sutherland LLP and Covington & Burling LLP served as the legal advisors to Cox Enterprises in the transaction.
RBC Capital Markets LLC, Guggenheim Securities, LLC and LionTree Advisors, LLC served as the financial advisors and Paul, Weiss, Rifkind, Wharton & Garrison LLP and Cooley LLP served as the legal advisors to the buyer in this transaction.
•WRFC – AM 960 – 960 The Ref
•WGAU – AM 1340 – News Talk 1340
•WGMG – 102.1 FM – Magic 102.1
•WXKT – 103.7 FM – 103.7 Chuck FM
•WPUP – 100.1 FM – 100.1 Power Athens
•WNGC – 106.1 FM – 106.1 WNGC YourGeorgia Country
•WSRV | 97.1 The River
•WSB-FM | B98.5
•WALR | KISS 104.1 FM
•WSB-AM and WSBB-FM | News 95.5 and AM750 WSB
•KKBQ-FM | 92.9 The New 93Q
•KTHT-FM | 97.1 Country Legends
•KHPT-FM | and KGLK-FM 106.9/ 107.5Houston’s The Eagle
• WOKV-HD2 | HOT 99.5
• WAPE-FM | 95.1 WAPE
• WXXJ-FM | X106.5
• WOKV-FM | News 104.5 WOKV
• WJGL-HD2 | Power 106-1
• WJGL-FM | 96-9 The Eagle
• WEZI-FM | Easy 102.9
• WOKV-AM | 690-AM – ESPN 690 AM
Long Island, NY
• WBLI-FM | 106.1 BLI
• WBAB-FM | 102.3 WBAB
• WEDR-FM | 99 JAMZ
• WFEZ-FM | Easy 93.1
• WFLC-FM | Hits 97.3
• WHQT-FM | Hot 105
• WDBO FM – News 96.5 WDBO
• WWKA-FM – K92.3
• WMMO-FM – 98.9 WMMO
• WCFB-FM – STAR 94.5 FM
• WCFB-HD2-FM – 107.3 Solo Exitos
• WPYO-FM – POWER 95.3*
• WDBO-AM – ESPN Orlando
San Antonio, TX
• KISS-FM | KISS 99.5
• KONO-FM | KONO 101.1
• KTKX-FM | 106.7 The Eagle
• KKYX-AM | Country Legends 680AM & 104.9 FM
• KCYY-FM. | Y100 – San Antonio’s New Country Leader
• KONO-AM | KONO 860AM
• KSMG-FM | Magic 105.3
• WPOI-FM | Hot 101.5
• WXGL-FM | 107.3 The Eagle
• WSUN-FM | 97X – Tampa Bay’s New Alternative*
• WDUV-FM | 105.5 WDUV Lite Favorites
• WWRM-FM | Magic 94.9
• WHPT-FM | 102.5 The Bone
• KJSR-FM | 103.3 The Eagle
• KRAV-FM | Mix 96.5
• KWEN-FM | K 95.5
• KWEN-HD2 |105.7 The Bone
• KRMG-FM | News 102.3 and AM740
*Subject to divestiture to comply with regulatory ownership limits.