Cox Enterprises Announces Close of Cox Media Group Sale to Affiliates of Apollo Global Management

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col-md-8 col-sm-7 swaping-class-left"> <h2 class="meta">News provided by</h2> <a href="/news/cox-enterprises/"> <strong>Cox Enterprises <span aria-hidden="true" class="btb bt-long-arrow-right"></span> </strong> </a> <p class="mb-no">Dec 17, 2019, 17:18 ET</p> </div> <div class="col-lg-4 col-md-4 col-sm-5 swaping-class-right"> <div class="social-share-circle pull-right hidden-xs"> <h2 class="meta text-uppercase mb-s">Share this article</h2> <div class="social-links"> <ul class="list-unstyled"> <a href="javascript:;" class="btn-facebook" aria-label="facebook sharing" onclick="sharing_url('facebook','top nav','www.prnewswire.com')"> <li class="social-facebook"> <span aria-hidden="true"><i class="fab fab-facebook-alt"></i></span> </li> </a> <a href="javascript:;" class="btn-twitter" aria-label="twitter sharing" onclick="shareIt(this,'Twitter','top nav')" data-tweet-text="Cox Enterprises Announces Close of Cox Media Group Sale to Affiliates of Apollo Global Management" 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</div> </div> </div> </div> </div> </div> </div> <div class="row"> <div class="col-sm-12 col-xs-12"> <hr/> </div> </div> </div> </header> <section class="release-body container "> <div class="row"> <div class="col-lg-10 col-lg-offset-1"> <p><span class="xn-location">ATLANTA</span>, <span class="xn-chron">Dec 17, 2019</span> /PRNewswire/ <b>-- </b>Cox Enterprises, Inc. today announced it has completed the sale of its portfolio of television and radio stations, <span class="xn-location">Ohio</span> assets and its affiliated CoxReps and Gamut national advertising businesses to a new media company that is majority owned by private equity funds managed by affiliates of Apollo Global Management, Inc. (NYSE: <a class="ticket-symbol" data-toggle="modal" href="#financial-modal">APO</a>). Cox Enterprises maintains a minority stake in the new company, which will include Northwest Broadcasting and will continue to operate under the name "Cox Media Group," ("CMG" or the "Company") with headquarters in <span class="xn-location">Atlanta, Georgia</span>. </p> <div class="continue-reading text-center mt-xl visible-xs-block"> <span> <a class="smooth-scroll" href="#continue-jump">Continue Reading <br/> <i class="btr bt-angle-down mt-md"></i> </a> </span> </div> <div class="pull-right inline-gallery-container col-md-8 col-sm-7 col-xs-12"> <div class="gallery inline-gallery"> <div class="row"> <div class="col-sm-12"> </div> <div class="col-sm-12 clearfix"> <figure> <div class="image lightbox-item " data-src="https://mma.prnewswire.com/media/483518/Cox_Enterprises.jpg?p=publish" data-asset-type="photo" data-asset-id="Life_After_Debt_Aug_17_Event.jpg" data-asset-label="General" data-sub-html="Cox Enterprises" data-tweet-text="Cox Enterprises" data-facebook-share-text="Cox Enterprises" data-linkedin-text="Cox Enterprises" data-download-url="https://mma.prnewswire.com/media/483518/Cox_Enterprises.jpg?p=publish" data-pinterest-text="Cox Enterprises" data-twitter-share-url="https://mma.prnewswire.com/media/483518/Cox_Enterprises.jpg?p=twitter" data-linkedin-share-url="https://mma.prnewswire.com/media/483518/Cox_Enterprises.jpg?p=linkedin" data-facebook-share-url="https://mma.prnewswire.com/media/483518/Cox_Enterprises.jpg?p=facebook" data-pinterest-share-url="https://mma.prnewswire.com/media/483518/Cox_Enterprises.jpg?p=facebook" onclick="omniture_corousal('Carousel Page','Photo Open','https://mma.prnewswire.com/media/483518/Cox_Enterprises.jpg','General');"> <a href="#" class="tabfocus" role="button"><img title="Cox Enterprises" data-getimg="https://mma.prnewswire.com/media/483518/Cox_Enterprises.jpg?w=600" id="imageid_2" alt="Cox Enterprises" class="gallery-thumb img-responsive" rel="newsImage" itemprop="contentUrl" loading="lazy"/></a> <span class="fa fa-arrows-alt arrow_styles" aria-hidden="true"></span> </div> <figcaption> Cox Enterprises </figcaption> </figure>  </div> </div> </div> </div> <p id="continue-jump"> <p>"We could not have asked for a better partner than Apollo in this new phase for CMG," said <span class="xn-person">Alex Taylor</span>, president and CEO of Cox Enterprises. "Together with the people who continue to make CMG the special company that it is, they're in a perfect position for future success." </p> </p> <p>"We are excited for our funds to acquire a majority interest in Cox Media Group and welcome the Company into our broader Apollo portfolio," said David Sambur, Co-Lead Partner of Private Equity at Apollo. "We look forward to working with the teams to grow the businesses, while continuing to deliver a high quality of journalistic integrity and local news within in the communities the Company serves."</p> <p>The business assets involved with the transaction include:</p><ul type="disc"> <li><b>Television</b>: 13 stations in 10 markets across the country </li> <li><b>Radio</b>: 54 stations across 10 markets reaching 14 million listeners monthly </li> <li><b>Newspapers</b>: 3 leading newspapers in the <span class="xn-location">Ohio</span> area </li> <li><b>CoxReps</b>: the country's largest national television rep company for local broadcast television </li> <li><b>Gamut</b>: offers market leading, customized and localized digital advertising and OTT solutions </li> <li><b>Northwest Broadcasting</b>: 20 television stations in 10 markets</li> </ul><p><span class="xn-person">Kim Guthrie</span> will lead the new Cox Media Group as president and CEO, overseeing all content, sales and operations for CMG businesses. "I am truly honored to lead CMG into the future, during such an exciting time for our company," Guthrie said. "We have a unique opportunity to continue to build on the foundation of our rich history, leverage our equity in the markets we serve and redefine CMG's place in the media landscape.  We look forward to this new partnership to drive future investment, innovation and growth."</p><p>Guthrie is joined by an executive leadership team with deep and proven experience in the media industry: </p><ul type="disc"> <li><span class="xn-person">Paul Curran</span>, EVP, Television </li> <li><span class="xn-person">Heidi Eddy-Dorn</span>, General Counsel, Chief Compliance Officer, Corporate Secretary </li> <li><span class="xn-person">Brett Fennell</span>, EVP & Chief Financial Officer </li> <li><span class="xn-person">Bill Hendrich</span>, EVP, Radio </li> <li><span class="xn-person">Mary Ellen Marcilliat-Falkner</span>, EVP & Chief People Officer </li> <li><span class="xn-person">Marian Pittman</span>, EVP, Content, Product & Innovation </li> <li><span class="xn-person">Steven J. Pruett</span>, Executive Chairman</li> </ul><p><span class="xn-person">Steven Pruett</span> joins Cox Media Group as Executive Chairman. Most recently, Pruett served as Executive Vice President and Chief TV Development Officer at Sinclair Broadcasting Group (NASDAQ: <a class="ticket-symbol" data-toggle="modal" href="#financial-modal">SBGI</a>). Through acquisitions, Steve was responsible for creating Sinclair's Chesapeake Division and overseeing all TV stations in that group. Prior to Sinclair, he served as President and CEO of Communications Corporation of America and was special strategic advisor to DirectTV and Thomson Consumer Electronics.  </p><p><b>About Cox Enterprises<br class="dnr"></b>Cox Enterprises is dedicated to building a better future through our leading communications, automotive services and media companies. Our major operating subsidiaries include Cox Communications and Cox Automotive. Headquartered in <span class="xn-location">Atlanta, Georgia</span>, Cox is a global company with over <span class="xn-money">$20 billion</span> in annual revenues and brands that include Autotrader, <span class="xn-person">Kelley Blue Book</span> and Cox Homelife. Founded in 1898 by <span class="xn-location">Ohio</span> Governor <span class="xn-person">James M. Cox</span>, the company is a family-owned business committed to its people, communities and the planet. To learn more about Cox, visit coxenterprises.com.</p><p><b>About Cox Media Group<br class="dnr"></b>Cox Media Group (CMG) is an industry-leading media company with dominant brands, award-winning content, and exceptional people. CMG provides valuable local content to viewers in the communities in which it serves. The company's operations primarily include 33 high-quality, market-leading television stations in 20 markets, 54 radio stations in 10 markets and numerous over-the-top (OTT) and digital platforms. Cox Media Group's portfolio includes primary affiliates of ABC, CBS, FOX, NBC, and MyNetworkTV, as well as several valuable independent stations. Additionally, the company also offers a full suite of local and regional advertising services with Local Solutions. For more information about Cox Media Group and its businesses, please visit <a href="https://c212.net/c/link/?t=0&l=en&o=2674664-1&h=1931041449&u=http%3A%2F%2Fwww.coxmediagroup.com%2F&a=www.coxmediagroup.com" rel="nofollow" target="_blank">www.coxmediagroup.com</a>.</p><p><b>About Apollo Global Management <br class="dnr"></b>Apollo is a leading global alternative investment manager with offices in <span class="xn-location">New York</span>, <span class="xn-location">Los Angeles</span>, <span class="xn-location">San Diego</span>, <span class="xn-location">Houston</span>, <span class="xn-location">Bethesda</span>, <span class="xn-location">London</span>, <span class="xn-location">Frankfurt</span>, <span class="xn-location">Madrid</span>, <span class="xn-location">Luxembourg</span>, <span class="xn-location">Mumbai</span>, <span class="xn-location">Delhi</span>, <span class="xn-location">Singapore</span>, <span class="xn-location">Hong Kong</span>, <span class="xn-location">Shanghai</span> and <span class="xn-location">Tokyo</span>. Apollo had assets under management of approximately <span class="xn-money">$323 billion</span> as of <span class="xn-chron">September 30, 2019</span> in credit, private equity and real assets funds invested across a core group of nine industries where Apollo has considerable knowledge and resources. For more information about Apollo, please visit <a href="https://c212.net/c/link/?t=0&l=en&o=2674664-1&h=2271014082&u=https%3A%2F%2Fwww.apollo.com%2F&a=apollo.com" rel="nofollow" target="_blank">apollo.com</a>.</p><p>SOURCE Cox Enterprises</p><img alt="" src="https://rt.prnewswire.com/rt.gif?NewsItemId=CL70942&Transmission_Id=201912171718PR_NEWS_USPR_____CL70942&DateId=20191217" style="border:0px; width:1px; height:1px;"> <link rel="stylesheet" href="/etc.clientlibs/prncom/components/content/prnWidgetButton/clientlib.min.css" type="text/css"> <div class="newsFeaturedSection "> <div class="newsFeaturedWrap"> <div class="newsFeaturedHeading"> <h2>WANT YOUR COMPANY'S NEWS <span>FEATURED ON PRNEWSWIRE.COM?</span></h2> </div> <div class="newFeaturedIcon"> <div class="featuredIcon-col"> <div class="icon-bg"> <img src="/content/dam/newsfeatured/icon3.png" alt="icon3"/> </div> <div class="icon-text"> 440k+<br /> Newsrooms聽&<br /> Influencers </div> </div> <div class="featuredIcon-col"> <div class="icon-bg"> <img src="/content/dam/newsfeatured/icon1.png" alt="icon1"/> </div> <div class="icon-text"> 9k+<br /> Digital聽Media<br /> Outlets </div> </div> <div class="featuredIcon-col"> <div class="icon-bg"> <img src="/content/dam/newsfeatured/icon2.png" alt="icon2"/> </div> <div class="icon-text"> 270k+<br /> Journalists<br /> Opted In </div> </div> </div> <div class="bottom-section"> <a href="https://www.prnewswire.com/account/online-membership-form/" class="btnCustom">GET STARTED</a> </div> </div> </div> </div> </div> </section> <div class="modal fade" id="financial-modal" tabindex="-1" role="dialog" aria-labelledby="financial-modalLabel" aria-modal="true"> <div class="modal-dialog" role="document"> <div class="modal-content" id="stock-modal-content"> <div class="modal-header"> <button type="button" class="close" data-dismiss="modal" aria-label="Close"><span aria-hidden="true">×</span></button> <h3 class="modal-title" id="financial-modalLabel">Modal title</h3> </div> </div> </div> </div> </article> <section class="container read-more-explore" id="js-mkt-promo-hook-legacy"> <div class="row"> <div class="col-lg-10 col-lg-offset-1"> <div class="row releaseList-section"> <div class="col-sm-8 source-section"> <h2 class="heading2">Also from this source</h2> <div class="row" role="group" aria-label="Also From this Source"> <div class="col-sm-3"> <a href="cox-farms-now-north-americas-largest-greenhouse-operator-302304258.html"> <div class="imgSec video-wrap"> <img src="https://mma.prnewswire.com/media/2556202/Cox_Farms.mp4?p=medium" alt="Cox Farms Now North America's Largest Greenhouse Operator" loading="lazy"/> </div> </a> </div> <div class="col-sm-9"> <div class="contentSec"> <a class="omniture-news-release-readMore-clicks" href="cox-farms-now-north-americas-largest-greenhouse-operator-302304258.html" data-omniture='{"page":"Also from this source","val":"1"}' title=""> <h3 class="heading3">Cox Farms Now North America's Largest Greenhouse Operator </h3> <p>Cox Farms, a Cox Enterprises company, today announced a significant milestone as North America's largest greenhouse operator, as it surpassed over...</p> </a> </div> </div> </div> <div class="row" role="group" aria-label="Also From this Source"> <div class="col-sm-3"> <a href="announcing-our-2024-cox-conserves-heroes-winners-302292026.html"> <div class="imgSec photo-wrap"> <img src="https://mma.prnewswire.com/media/2544600/Cox_Enterprises_CCH.jpg?w=300" alt="Announcing our 2024 Cox Conserves Heroes Winners" loading="lazy"/> </div> </a> </div> <div class="col-sm-9"> <div class="contentSec"> <a class="omniture-news-release-readMore-clicks" href="announcing-our-2024-cox-conserves-heroes-winners-302292026.html" data-omniture='{"page":"Also from this source","val":"2"}' title=""> <h3 class="heading3">Announcing our 2024 Cox Conserves Heroes Winners </h3> <p>Cox Enterprises has named Tixie Fowler, Hunter Guthrie and Keep Oklahoma Beautiful the winners of the 2024 Cox Conserves Heroes program. 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