In a report, Reuters says that Apollo Global Management is nearing a roughly $3 billion agreement to acquire Cox Enterprises Inc’s 14 regional TV stations, the biggest in a series of deals the private equity firm is lining up to become a force in U.S. broadcasting, people familiar with the matter said on Sunday.
Cox put it’s stations up for sale months ago and rumors have been circulating as to who may buy the stations.
according to the story, Cox and Apollo are also discussing some joint venture agreements for Cox’s broadcast station in Atlanta, where Cox is headquartered and also has radio stations, the sources said.
There may be other cities where the companies decide to have joint ventures, the sources added.
An agreement between Apollo and Cox could be announced later this week, the sources said, asking not to be identified because the matter is confidential.