Orlando Radio: Uncertainty Reported At Cox Media Stations

Kim Guthrie

There’s great uncertainty about what the Cox Media Group sale will mean for TV and radio stations, reports the Orlando Sentinel.

Cox sold its TV and radio stations to Apollo Global Management, a private equity firm. When the deal closed, Apollo changed the official name of the purchasing company to Terrier Media.

In an email to employees, Kim Guthrie, president of Cox Media Group, called the sale “a huge milestone for CMG” and introduced Steve Pruett as executive chairman. Pruett was most recently executive vice president and chief TV development officer at Sinclair Broadcasting Group. Pruett is “wildly enthusiastic” about the new Cox Media Group, Guthrie said.

“There will be changes in the way the station is operated,” predicted Bob Jordan, who is also a former WFTV anchor in Orlando. “The buyer will cut expenses and attempt to find new sources of revenue. The people at WFTV have been largely sheltered from the new reality of the broadcast television business."

Revenue is not as high as it used to be, and the profit margin is down, said Chris Schmidt, another former WFTV news director. “But television is still better than most businesses,” Schmidt added. “Ratings aren’t what they used to be, but it’s still the best way to reach people.”

Jordan sounded more hopeful than alarmed by what could be ahead. “The buyers have made it clear that they do not plan on holding WFTV for the long term,” he said. “They are venture capitalists whose mission is to unlock new value in an asset. It will be interesting to see how they go about it. One good sign: They have retained top Cox managers to run the show.”

They may not be there for long, though. “I’ve been hearing they’ll keep them for a year, so the buyers can learn the business better,” Schmidt said.

Like many in the news business, WFTV staffers are working in a time of staff reductions and management changes. How to carry on?

“A change isn’t major unless it impacts you,” Jordan said. “For some, any change will be seen as threatening. My view is that if you perform an essential function and do it well, you’ll be OK.”

Schmidt’s advice to employees: “Do your job and do it well, you’ll be fine. Buyers see a tremendous upside. They’ll be looking for people on staff who can help generate that upside. Don’t worry about what’s happening at headquarters, because there’s nothing you can do about it.”