Apollo taking over Cox TV stations and Ohio newspapers

Apollo Global Management has purchased a majority stake in Cox Media Group’s TV stations, including WHIO-TV in Dayton, and Cox newspapers the Dayton Daily News and the Springfield News-Sun and Journal-News.

TV stations in Atlanta, Boston, Seattle, Orlando, Charlotte, Pittsburgh, Memphis, Tulsa and Jacksonville are included in the takeover.

The price wasn’t announced but who thinks that Apollo Global isn’t going to be running the show?

Based in New York, Apollo specializes in buying distressed companies and profiting from streamlining, reorganizing and downsizing. With more than $300 billion in assets, Apollo has a lot of clout.

Apollo’s leaders were with Drexel Burnham Lambert before that acquisitions firm collapsed about six months before Apollo was founded.