Apollo Global Management is exploring a strategic exit from its broadcast television and radio holdings, initiating a potential sale process for Cox Media Group (CMG) that could value the business at approximately $4bn, according to a report by Bloomberg citing sources familiar with the matter.
The alternative asset manager has engaged Moelis & Co to advise on the sale, which includes CMG’s portfolio of local TV and radio stations spanning key markets from Atlanta to Seattle.
Apollo’s preference is to secure a buyer capable of acquiring the majority of the platform rather than pursuing a piecemeal divestiture, sources indicate. However, there is no certainty that these discussions will result in a transaction.
The move comes as the US broadcast TV industry faces structural headwinds, including declining linear viewership and shifting advertising dollars toward digital platforms. Despite these challenges, industry analysts predict that regulatory easing under new FCC leadership could catalyse consolidation, potentially increasing appetite for scale acquisitions in the sector.
Among the potential strategic buyers evaluating CMG’s assets are Nexstar Media Group and Gray Media, sources said. Both companies have declined to comment on their interest.
Apollo initially entered the local broadcast market in 2019 with the acquisition of assets from Cox Enterprises and Northwest Broadcasting, forming CMG as a standalone media platform. The firm took a majority stake, while Cox Enterprises retained a minority holding. Today, CMG operates TV affiliates of CBS, Fox, and other major networks across nine US markets, reaching an estimated 60 million people. The company also maintains a sizeable advertising business, adding to its strategic appeal.
