Cox Media Group announced Wednesday that it is selling its portfolio of radio stations, including seven in Orlando, to the new business that purchased the Cox TV stations in February.
The local stations are WDBO FM — News 96.5; WWKA-FM — K92.3; WMMO-FM — 98.9 WMMO; WCFB-FM — Star 94.5 FM; WCFB-HD2-FM — 107.3 Solo Exitos; WPYO-FM — Power 95.3; and WDBO-AM — ESPN Orlando.
More than 60 radio stations in all in 11 markets were sold. Other markets include Miami, Tampa and Jacksonville. The transaction is subject to regulatory review.
Cox is also selling the national advertising businesses CoxReps and Gamut.
The purchaser is a new broadcasting company owned substantially by Apollo Global Management, a private equity firm. It bought the Cox TV stations, including WFTV-Channel 9 and WRDQ-Channel 27 in Orlando.
Here’s an interesting wrinkle: The new company will maintain the name “Cox Media Group” and have headquarters in Atlanta. Cox Enterprises, parent of the current Cox Media Group, keeps a minority stake in the business.
“We are thrilled to acquire the Cox Radio station portfolio, CoxReps and Gamut and combine them with the Cox Television business to form a new media company focused on quality local broadcasting,” said David Sambur, chairman of the buyer and senior partner of Apollo.
“Cox has deep roots in the media industry and has stood for the highest quality in local journalism for the past 120 years,” he added. “As we shepherd these businesses into the future, we are committed to investing in high-quality programming and fostering innovation in local media.”
Alex Taylor, president and CEO of Cox Enterprises, said he was pleased with the deal.
“Keeping these media businesses together gives us even more confidence in the future success of the new company,” Taylor said. “We have spent many years fostering a culture of collaboration and innovation across these businesses and are pleased to see that work will continue.”
