Apollo Global Management, LLC completed the acquisition of Radio Portfolio, CoxReps and Gamut Businesses from Cox Media Group, Inc.
December 17, 2019
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Apollo Global Management, LLC (NYSE:APO) entered into an agreement to acquire Radio Portfolio, CoxReps and Gamut Businesses from Cox Media Group, Inc. for $500 million on June 26, 2019. The purchase will be made through a new broadcasting company that is substantially owned by private equity funds managed by affiliates of Apollo Global Management, LLC. The transaction will expand the new company, which announced in February 2019, its purchase of Cox Media Group's broadcast television group and the company's Radio, Newspaper and Television properties in Ohio. The Cox Radio station portfolio, CoxReps and Gamut will be combined with the Cox Television business to form a new media company.
Apollo Global Management plans to maintain the successful operating structure of Cox Media Group's Television, Radio, CoxReps and Gamut businesses and leverage these assets to continue building a national media company with station properties in key markets across the country. The transaction is subject to customary regulatory review and closing conditions. To comply with FCC ownership limits, Apollo Global Management intends to divest two FM stations, one each in Orlando and Tampa. FCC approved the transaction on November 23, 2019. Eversheds Sutherland LLP and Covington & Burling LLP served as the legal advisors to Cox Enterprises, the parent of Cox Media Group, Inc., in the transaction. RBC Capital Markets LLC, Guggenheim Securities, LLC and LionTree Advisors, LLC served as the financial advisors and Taurie Zeitzer, Brian Scrivani, Lisa Koff, Brian Janson, Gregory Ezring and Mark Wlazlo, Andrew Gaines, Chuck Googe, Brad Okun, Mitchell Berg, Matthew Goldstein, Lewis Clayton, Daniel Mason and Carolyn Casselman of Paul, Weiss, Rifkind, Wharton & Garrison LLP and Cooley LLP served as the legal advisors to Apollo Global Management in this transaction.
Apollo Global Management, LLC (NYSE:APO) completed the acquisition of Radio Portfolio, CoxReps and Gamut Businesses from Cox Media Group, Inc. on December 17,2019.
Apollo Global Management, Inc. is a global alternative asset manager and a retirement services provider. It operates in three segments: Asset Management, Retirement Services and Principal Investing. The Asset Management segment focuses on three investing strategies: yield, hybrid, and equity. These strategies reflect the range of investment capabilities across its platform based on relative risk and return. The Retirement Services business is conducted by Athene Holding Ltd (Athene), a financial services company that specializes in issuing, reinsuring, and acquiring retirement savings products designed for the increasing number of individuals and institutions seeking to fund retirement needs. Athene product lines include annuities and funding agreements. The Principal Investing segment includes realized performance fee income, realized investment income from its balance sheet investments, and certain allocable expenses related to corporate functions supporting the entire company.