FCC Okays Apollo's Acquisition of Cox Media Group

The FCC has approved equity firm Apollo Global Management LLC’s takeover of TV and radio stations owned by Cox Enterprises Inc. and Northwest Broadcasting. The “Cox Media Group” name will live on as the “doing business as” brand.

The FCC approved the transactions, totaling almost $3.5 billion, sought by Apollo-controlled Terrier Media Buyer Inc. Media advocacy groups Common Cause and United Church of Christ opposed the deal, arguing it would reduce local media content and viewpoint diversity.

Terrier told the FCC that it intends to improve local programming and pour more investment into broadcast infrastructure.

“We find that grant of these applications, as conditioned, will serve the public interest, convenience and necessity,” Media Bureau Chief Michelle Carey wrote in a Order distributed following the broadcast media symposium it hosted at the Commission on Thursday.

The decision ends a 12-month process, highlighted by the February 15 confirmation that a majority interest in Cox Media Group’s TV; the Dayton Daily News; and CMG’s Miami Valley radio properties, comprised of Country WHKO-FM K99.1, a market leader in the Nielsen Audio ratings; Classic Hits WZLR-FM 95.3 in Xenia, Ohio, heard in Dayton at 101.1 MHz on W266BG; and News/Talk simulcast WHIO-AM 1290 & WHIO-FM 95.7; would be taken by Apollo in a $3.1 billion transaction.

To comply with FCC ownership limits, the buyer will need to divest two FM stations, one each in Orlando and Tampa. These stations were identified as WPYO 95.3 FM in Maitland, Fla., serving Orlando, and WSUN 97.1 FM, a Tampa-St. Petersburg station branded as “97X.” Other Cox Media Group properties are located in Jacksonville, Miami, FL,  Atlanta and Athens, Ga.; Tulsa,  San Antonio and Houston.

Once the deal closes, WPYO and WSUN will shift into a trust headed by Elliot B. Evers, the co-founder of San Francisco-based MVP Capital.   The shedding of the two FMs, which must be completed in Q4 2021.