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Cox Sells Radio To Apollo, Too


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Cox Media Group lives! Okay, Cox Enterprises' version is selling all of its radio stations but two to Apollo Global Management, which will combine them with the TV stations it also bought from Cox (two radio spinoffs to be divested, WPYO/Orlando and WSUN/Tampa), and the operation will keep the Cox Media Group name after all:

 

https://www.allaccess.com/net-news/archive/story/187463/cox-media-group-sells-its-radio-stations-to-apollo

 

 

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1 hour ago, CaPa said:

Cox Media Group lives! Okay, Cox Enterprises' version is selling all of its radio stations but two to Apollo Global Management, which will combine them with the TV stations it also bought from Cox (two radio spinoffs to be divested, WPYO/Orlando and WSUN/Tampa), and the operation will keep the Cox Media Group name after all:

 

https://www.allaccess.com/net-news/archive/story/187463/cox-media-group-sells-its-radio-stations-to-apollo

 

 

 

 I called this when they announced their intent to pursue a divestiture of the radio division. They had already acquired the Dayton cluster so this was a no brainer.

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22 hours ago, DirtyHarry said:

Atlanta Journal-Constitution to GateHouse Media? 

That's basically going to be only major asset left (besides Cox Cable) with 100% ownership.I know they were the ones that snag the South Bend Tribune & the Columbus DIspatch (along with hundreds of other papers in recent years). Cox can't be that stupid to giving up their crown jewel to GateHouse. I just don't see that happening.

 

Anywho. The Paperwork is up regarding the Cox Radio stations going to Apollo. Here's the comprehensive exhibit & purchase agreement. Apollo is paying $500M for the radio assets.

 

The two radio stations in the I-4 corridor (WPYO Maitland (Orlando) & WSUN Holiday (Tampa)) will be placed in a Divestiture Trust. The trust will be ran by Elliot Evers through CXR Media, LLC.

 

 

Edited by CircleSeven
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On 7/3/2019 at 12:34 AM, CircleSeven said:

I know they were the ones that snag the South Bend Tribune & the Columbus DIspatch (along with hundreds of other papers in recent years). Cox can't be that stupid to giving up their crown jewel to GateHouse. I just don't see that happening.

 

Gatehouse does their artwork from their graphics hub in Austin. Gatehouse already bought the Cox papers in Palm Beach and Austin from Cox, so they already have a working relationship.

 

To me these newspaper chains are the same as the TV chains. There isn't too much difference between them. What do you have a choice between Gatehouse and Gannett and a couple others, it's not a huge difference.

Edited by DirtyHarry
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  • 1 month later...

It appears that the DOJ has requested to the FCC to delay any action, as the DOJ is reviewing this deal. 

 

From InsideRadio:

Quote

Apollo Global Management’s proposed buyout of a majority stake in Cox Media Group’s radio portfolio isn’t likely to close anytime soon. That’s because the Department of Justice has formally requested the Federal Communications Commission defer any action on the deal that would give the private equity firm a 77% controlling interest in the company. Cox Enterprises would retain a 23% minority stake under the transaction pending at the FCC. Because of its size, the deal will need to go through an antitrust analysis by DOJ attorneys. But the root of the request has to do with Apollo Global’s request to exceed the 25% cap on foreign ownership.

 

As Inside Radio reported last week, Apollo says in a petition that although the firm’s current foreign ownership is below the 25% threshold, the Delaware-based company is treated as a foreign-controlled entity. That’s because under the Commission’s foreign ownership analysis, the voting interests of its U.S. owners are held through a Cayman Islands entity. So it’s asking the FCC to exceed the 25% cap, arguing Apollo is not only based in the States but Is controlled by three U.S. citizens: Scott Kleinman, John Suydam and David Sambur.

 

Edited by CircleSeven
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  • 2 weeks later...

Follow up from above. It appears that the DOJ has no objections to Apollo acquiring the Cox radio assets.

 

From InsideRadio:

Quote

After a brief review, the Dept. of Justice says it has no objections to Apollo Global Management’s proposed buyout of a majority stake in Cox Media Group’s radio portfolio. The DOJ has told the Federal Communications Commission that it is no longer asking for any action on the proposed deal to be delayed at the Commission while it reviews the potential foreign ownership implications of the transaction.

 

The FCC can greenlight this deal, along with the separate TV deal. And Apollo can close both of them out in one fall swoop.

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