Price Revealed For Cox Media’s Apollo Plan

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On February 15, rumors of a deal involving Cox Media Group’s entire collection of TV stations, and its Dayton, Ohio assets, disappeared — and became reality.


Apollo Global Management had agreed to take a majority interest in Cox Media Group’s TV stations and form a new Atlanta-based entity. For radio industry observers, the deal had deeper meaning, as Apollo also took majority interest in the Dayton Daily News and CMG’s radio properties in the Miami Valley.

On Wednesday (3/6), a dollar figure in the billions became known.

According to a just-filed asset purchase agreement dated February 14, all of Cox’s TV stations, the newspaper, and its Dayton radio stations are being spun to an entity named Terrier Media Buyer Inc.

The purchase price for these assets — including 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 — is $3.1 billion.

Sort of. The 115-page APA is full of provisos and legalese, and while that is the value of this deal, the dollar amount will be lowered by the value of the undisclosed equity percentage Cox Media Group will keep in the properties.

Meanwhile, while Terrier appears to be the assignee for Cox’s TV stations, the actual Form 314 filing lists “Camelot Radio Buyer Inc.” of Purchase, N.Y., as the assignee.

The address listed is that of Apollo Global Management.

Meanwhile, it is also now known that the Brian Brady-helmed Northwest Broadcasting was acquired by Terrier for $340 million.

After the proposed transactions, Terrier Media will own 25 full-power television stations covering (without application of the UHF Discount) 12.949% of U.S. television households and four radio stations. Combined, the merged company would have the first or second ranked station in over half of the company’s markets.

“Terrier Media, as a new entrant in the broadcast television market, will foster competition in the local markets and provide additional resources to improve service to the local communities without harming competition, diversity of voices, or content in any local television market,” the entity noted in a 59-page redacted filing accompanying the more lengthy document presented in the Form 314 filing.

AP IX Titan Holdings L.P., a Delaware limited partnership, expects to hold
approximately 77% of the stock of Terrier Holdings and thus will control Terrier Holdings,
which, in turn, will control Terrier Media Holdings II Inc., which will control Terrier Media.

The majority of the remaining interest of Terrier Holdings will be held by Cox Parent and its
affiliates, with the remainder held by Brady, Jason Wolff and Bristlecone LLC.

Cox Radio Ohio will be branded with the Camelot Radio name, at least officially.

Apollo Global Management is a publicly traded U.S. company that has $280 billion in assets under its management as of December 31, 2018, and was founded in 1990. It currently has over 1,000 employees around the world.

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