Cox Enterprises has reached an agreement with Apollo Global Management, LLC to buy a majority interest of Cox Media Group’s (CMG) broadcast television stations, including our radio, newspaper and TV properties in Ohio. Cox Enterprises will maintain a minority stake and will join Apollo in forming a new company to operate these stations, which will be headquartered in Atlanta, Ga.
This agreement with Apollo is the next step in the process that began last summer when Cox Enterprises announced the decision to explore strategic alternatives for CMG-TV's portfolio.
Cox’s roots in television go back more than 70 years, and CMG is one of the most respected broadcasters in the industry. We firmly believe that our TV portfolio — and our teams of talented people at the properties — will thrive and grow by being part of this new venture.
Cox Enterprises President and CEO Alex Taylor shared:
“We didn’t make this decision lightly. Many CMG employees have been with us for the majority or all of their careers. I’m proud beyond words of how the entire CMG team has operated throughout the years, especially during the past several months. Our CMG team is the best in the business. They have shown courage and resilience as we step into a brighter, stronger future.”
For more information on this announcement, please follow this link.
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