Cox Enterprises Inc. completed the sale of Cox Media Group's portfolio of television and radio stations, Ohio assets, and its affiliated CoxReps and Gamut national advertising businesses to a new media company that is majority owned by funds managed by affiliates of Apollo Global Management Inc.
Cox Enterprises will maintain a minority stake in the new company, which will include Northwest Broadcasting and will continue to operate under the name Cox Media Group, according to a Dec. 17 news release.
The assets involved in the transaction include: 13 television stations in 10 markets across the country; 54 radio stations across 10 markets; three newspapers in the Ohio area; CoxReps, a television rep company for local broadcast television; Gamut, which offers digital advertising and over the top services; and Northwest Broadcasting, which includes 20 television stations in 10 markets.
Kim Guthrie will lead the new Cox Media Group as president and CEO, while Steven Pruett will join as executive chairman. Most recently, Pruett was executive vice president and chief TV development officer at Sinclair Broadcast Group Inc.