On June 26, a long-expected agreement to sell Cox Media Group‘s radio station portfolio — as well as its CoxReps and Gamut national advertising businesses — to a new broadcasting company that is substantially owned by private equity funds managed by affiliates of Apollo Global Management came to pass.
The announcement came following a March 4 filing with the FCC of transfer of control applications that consummation of two separate transactions. The first involves the Apollo Global Management-controlled Terrier Media Buyer Inc., and its its February 15 agreement to take a majority interest in Cox’s TV stations and all Dayton-based holdings in a $3.1 billion transaction. The second sees Terrier adding in the assets of Brian Brady-helmed Northwest Broadcasting, acquired by Terrier for $340 million.
The Media Bureau has now established a pleading cycle for the transfer of control of Cox Radio, which has already been done for Cox’s TV stations and Dayton holdings.
Separately, it also wants the public to comment on a petition to increase the foreign investment threshold for Terrier.