With the big news that a majority interest in Cox Media Group’s TV stations is being acquired by Apollo Global Management, also comes news of a parallel radio deal. In Dayton, OH (the birthplace of Cox Media), Apollo is gaining majority interest in CMG’s radio properties, comprised of Country WHKO-FM K99.1, Classic Hits WZLR-FM 95.3 in Xenia, OH (heard in Dayton at 101.1 MHz on W266BG), and News/Talk simulcast WHIO-AM 1290 & WHIO-FM 95.7.
Cox Enterprises President/CEOAlex Taylor said, “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.”
Cox will retain a minority stake in the stations and will join Apollo in forming a new company to operate them along with the TV stations. It will be headquartered in Atlanta.
The total deal (TV stations, radio stations, newspapers), according to Reuters, is valued at $3 billion. Cox did not reveal any dollar amount.