Atlanta-based media company Cox Enterprises is reportedly in talks to sell its TV stations, including Boston 25 News, to a private equity firm for nearly $3 billion.
Apollo Global Management LLC is reportedly close to an agreement to acquire 14 TV stations across nine states from media company Cox Enterprises, according to Reuters.
A spokeswoman for Cox told the Herald that “As a matter of corporate policy we do not comment on rumors or speculation.” Apollo did not immediately respond for comment.
Cox, which also owns radio stations, newspapers and auto websites, announced last July it is looking to sell off its broadcasting businesses. The company owns TV stations in Atlanta, Boston, Florida, Seattle and several other desirable markets.
“We didn’t take this decision lightly,” Cox CEO Alex Taylor said in a statement last year. “It is clear that scale is critical for TV affiliates to be positioned well for the future. Our stations are some of the best in the industry and we want them to stay that way.”
Cox acquired Channel 25 (WFXT) from Fox Television Stations in June 2014. The TV station changed its name from Fox 25 News to Boston 25 News in April 2017, distancing itself from Fox News cable network.
