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.
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