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Cox sells majority TV interest to Apollo


The Frog

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You know the scale problem is dire when it forces Cox to evaluate strategic options.

 

I also suspect they could enter into some sort of strategic alliance short of selling, particularly for stations tied up with other media properties like WSB and WHIO.

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Unless they either merge with Graham or Hearst (and maybe Scripps), then it will be a major blow to the industry.

 

Hearst would seem like an ideal merger partner but it would involve divestitures in places like Pittsburgh, Orlando and Boston (which should be a no-brainer who gets jettisoned there if this happens.)

 

The last thing we need is Sinclair getting their hands on these stations. That's the one thing that could harm WSB and drive WSOC even further down....and unfortunately, they've dealt together before when they acquired their smaller stations in places like Steubenville, Johnstown, Reno and El Paso..

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(I know this is very unlikely, but...)

 

Dear CBS:

 

You've wanted an O&O in Seattle for a bit, haven't you? (OK, I know. FOX, but they have their eyes on that 'house' Tribune has on Lake Union) YOU have KSTW, the CW outlet and very former eyeball affil which no longer has a newsroom. Any chance you might want to room up with the established newsroom in Broadcast House? Oh, BTW, you can bring back KIRO's old logo they had for some three decades. And, you get a couple of Seahawks games a year.

 

Think about it.

 

Love, me.

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Unless they either merge with Graham or Hearst (and maybe Scripps), then it will be a major blow to the industry.

 

Hearst would seem like an ideal merger partner but it would involve divestitures in places like Pittsburgh, Orlando and Boston (which should be a no-brainer who gets jettisoned there if this happens.)

 

The last thing we need is Sinclair getting their hands on these stations. That's the one thing that could harm WSB and drive WSOC even further down....and unfortunately, they've dealt together before when they acquired their smaller stations in places like Steubenville, Johnstown, Reno and El Paso..

 

I'm not sure if Cox wants to hand their crown jewels to those cost-cutting control freaks.

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This actually was some time coming. Cox is smart as hell to get out of television while they still can (and their radio group may not be that far behind).

 

Only thing that’s a bit surprising is that Cox appointed market managers in Orlando, Tulsa and Jacksonville to oversee both their radio and TV stations late last year. But in retrospect, that also did smell of cost-cutting.

 

Good grief. People will still watch WSB out of mere habit alone, regardless of the owner.

 

This. Those properties are valuable... But they won't stay that way. Better to dump them now while they can.

 

Cox has been one of the best TV companies out there. It's sad that they're getting out, but not unexpected.

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If the radio industry was in better health, I could have seen them sell their radio stations before TV. They don’t have control of national sales in radio (they still have to give a portion in commission to iHeart/Katz) when they own their TV rep firms.

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Money talks! Takers for the radio stations and newspapers would be few compared to the TV holdings, and ABC and Fox outlets in top ten markets don't come up for sale every day...

 

They already have sold some newspapers like the Palm Beach Post. They sold it to Gatehouse Media, something I would not wish on anyone.

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This. Those properties are valuable... But they won't stay that way. Better to dump them now while they can.

 

Cox has been one of the best TV companies out there. It's sad that they're getting out, but not unexpected.

 

Wonder what this means for their radio clusters? Have to think some or all of them - probably not their heritage stations like WSB and WHIO - might be on the block too, right?

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No, I think this is TV-only:

 

Cox said it will continue to operate other parts of its media portfolio, and is investing in strategic priorities to foster growth within its existing businesses and in new growth areas.

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(I know this is very unlikely, but...)

 

Dear CBS:

 

You've wanted an O&O in Seattle for a bit, haven't you? (OK, I know. FOX, but they have their eyes on that 'house' Tribune has on Lake Union) YOU have KSTW, the CW outlet and very former eyeball affil which no longer has a newsroom. Any chance you might want to room up with the established newsroom in Broadcast House? Oh, BTW, you can bring back KIRO's old logo they had for some three decades. And, you get a couple of Seahawks games a year.

 

Think about it.

 

Love, me.

 

That may be possible.

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If the Sinclair/Tribune deal falls through I could absolutely see a possible Cox Media/Tribune merger

 

Wow. If TMC does buy CMG's TV stations, then a few possibilities on what would happen:

1. TMC would sell Seattle's KIRO 7 to CBS, allowing the latter to create a duopoly with KSTW CW 11.

2. TMC would sell Seattle's KCPQ 13 and KZJO 22 "Joe TV" to Fox Television Stations.

3. TMC would sell Seattle's KCPQ 13, but keep KZJO 22 as part of a new duopoly with KIRO 7.

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I think the company who buys Cox will be one that has minimal conflicts, and to me that company is [unfortunately] Nexstar. There are only 2 conflicts, and both of them are minor (Memphis and Dayton).

 

There's no way Hearst is buying Cox. The three conflicts are in 3 of the 4 biggest markets (Boston, Orlando and Pittsburgh). Same goes for Tegna (conflicts in 4 out of the 10 Cox markets).

The last thing we need is Sinclair getting their hands on these stations. That's the one thing that could harm WSB and drive WSOC even further down....and unfortunately, they've dealt together before when they acquired their smaller stations in places like Steubenville, Johnstown, Reno and El Paso..

 

This is the first time in a long time that I don't think we'll have to worry about Sinclair. They're in massive trouble with the FCC, and I would doubt they would allow Sinclair to make ANY new purchases until that is cleared up.

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I would doubt they would allow Sinclair to make ANY new purchases until that is cleared up.
Could THIS be why Cox chose right now to announce their sale? They're private but they'd still have to sell to the highest bidder. For those markets and stations I'm sure Sinclair would go nuts.
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No, I think this is TV-only:

 

I wouldn't say that radio is a growth industry, especially when the two largest players are trying hard to survive themselves. It's basically "We would like to sell ALL our broadcast properties, but we can't sell radio now because there's more stations for sale than healthy buyers already."

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I doubt two companies with selling ambitions would merge with each other.

Also whatever Tribune does in markets where both Cox and Tribune are in (like Memphis) will determine where these Cox stations would go. Three darkhorse candidates that could be in play for the Cox stations are Hearst (conflicts in Pittsburgh, Orlando, and Boston which would be a no-brainer to spin those stations off) Standard (which the only conflict might be in Memphis if Standard ends up buying parts of the former Local TV stations, if not then a Standard-Cox merger would be a clean deal) and finally, Graham with only 2 conflicts (Orlando again, a no-brainer and Jacksonville)

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...Graham with only 2 conflicts (Orlando again, a no-brainer and Jacksonville)

 

I want to expand upon the ratings situation in Jax, since it is much less straightforward than in Cox's other markets. I believe WTLV, WJXX, WFOX and WJAX are the top 4 stations in the market (I don't know about the exact order, but that's irrelevant). WJXT, which may seem like a top 4 station, would be #5. Therefore, if Tegna were to buy Cox, Tegna would be required to sell THREE stations in that market to THREE different buyers (unless the FCC gives them a waiver for two of those stations), although Graham could be one of those buyers.

 

In short, if Tegna buys Cox (which I don't think they will), buckle up, Jacksonville. It'll be a very bumpy ride.

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I want to expand upon the ratings situation in Jax, since it is much less straightforward than in Cox's other markets. I believe WTLV, WJXX, WFOX and WJAX are the top 4 stations in the market (I don't know about the exact order, but that's irrelevant). WJXT, which may seem like a top 4 station, would be #5. Therefore, if Tegna were to buy Cox, Tegna would be required to sell THREE stations in that market to THREE different buyers (unless the FCC gives them a waiver for two of those stations), although Graham could be one of those buyers.

 

In short, if Tegna buys Cox (which I don't think they will), buckle up, Jacksonville. It'll be a very bumpy ride.

 

More than that: that happens, then the CBS Corporation would buy KIRO--just stating. Of course, it is another story for the Speculatron 9000.

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I want to expand upon the ratings situation in Jax, since it is much less straightforward than in Cox's other markets. I believe WTLV, WJXX, WFOX and WJAX are the top 4 stations in the market (I don't know about the exact order, but that's irrelevant). WJXT, which may seem like a top 4 station, would be #5. Therefore, if Tegna were to buy Cox, Tegna would be required to sell THREE stations in that market to THREE different buyers (unless the FCC gives them a waiver for two of those stations), although Graham could be one of those buyers.

 

In short, if Tegna buys Cox (which I don't think they will), buckle up, Jacksonville. It'll be a very bumpy ride.

Also WJXT is already in a duopoly with WCWJ so if they were to be in a duopoly with either WJAX or WFOX, WCWJ will have to be sold off

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I want to expand upon the ratings situation in Jax, since it is much less straightforward than in Cox's other markets. I believe WTLV, WJXX, WFOX and WJAX are the top 4 stations in the market (I don't know about the exact order, but that's irrelevant). WJXT, which may seem like a top 4 station, would be #5. Therefore, if Tegna were to buy Cox, Tegna would be required to sell THREE stations in that market to THREE different buyers (unless the FCC gives them a waiver for two of those stations), although Graham could be one of those buyers.

 

In short, if Tegna buys Cox (which I don't think they will), buckle up, Jacksonville. It'll be a very bumpy ride.

 

WJXT is definitely ranked #1 in Jacksonville for news programming, but not sure where it ranks for the whole broadcast day. Not sure the order within the two network duopolies.

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WJXT is definitely ranked #1 in Jacksonville for news programming, but not sure where it ranks for the whole broadcast day. Not sure the order within the two network duopolies.

If I'm correct WJXT ranks 5th in total day ratings (similar situation in Phoenix in 2013 where Meredith got a duopoly between KTVK and KPHO) I think if Graham gets Cox, there will be a duopoly swap in Jacksonville (WJXT paired with either WFOX or WJAX with WCWJ paired with whoever doesn't stay at Graham)

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If ABC doesn't just sweep in with a half-billion for WSB, WSCO and WFTV alone to keep them away from Gray or Nexstar (DeepSouthProud.com!), I don't know what else to think. I know they won't, but I can dream.

 

Mostly though, these old-line companies going to private equity or people controlling every minute of a station's existence from some suburban windowless building as they move into their own suburban windowless buildings just makes me sad.

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