Boston 25 among TV stations sold to private equity firm
Cox Enterprises, the company that owns Boston 25 broadcaster WFXT and 12 other TV stations around the country, said in a statement Friday that it has agreed to sell a majority stake in its media holdings to Apollo Global Management.
Cox is also selling Apollo a majority stake in its newspapers and radio stations in Ohio.
Terms weren’t disclosed, but Cox said it will retain a minority interest in the media properties and team with Apollo to form a new company headquartered in Atlanta to “operate these stations.”
“These stations have decades of experience breaking barriers and delivering the news and information their communities need daily,” said Alex Taylor, COX Enterprises president and CEO, in the release. “We wanted to find a company that is committed to investing in broadcast television now and in the future, and we found that in Apollo.”
Taylor’s words were echoed by David Sambur, senior partner at Apollo.
“We are extremely excited for our funds to acquire a majority interest in Cox Media Group’s broadcast television stations and are humbled by Cox Enterprises’ decision to entrust us to steward these stations and carry on the Cox legacy,” Sambur said in the release. “We have an extraordinary amount of respect and admiration for the journalistic integrity, news quality, and commitment to community across Cox Media Group’s broadcast stations. We look forward, in collaboration with Cox Enterprises, to supporting the high standards to which each station operates and contributing to the platform’s future growth and prosperity.”
The statement noted that the deal is “subject to customary regulatory review and closing conditions.”
WFXT was owned and operated by the Fox network until 2014, when it was acquired by Atlanta-based Cox Media Group as part of a trade involving multiple stations.
In April 2017, WFXT announced that it was changing the name of its local “Fox 25 News” newscast to “Boston 25 News.”