Cox Media Group operates more than 60 radio stations across 11 markets, reaching 14 million listeners monthly. CoxReps is the country’s largest national television rep company for local broadcast television. Gamut offers a market leading, customized and localized digital advertising and OTT solutions to clients on a national scale.
The buyer plans to maintain the successful operating structure of Cox Media Group’s Television, Radio, CoxReps, and Gamut businesses and leverage these assets to continue building a national media company with station properties in key markets across the country.
“We are happy our Cox Radio and national ad platforms will continue to be operated with our television group,” said Alex Taylor, president, and CEO, Cox Enterprises. “Keeping these media businesses together gives us even more confidence in the future success of the new company. We have spent many years fostering a culture of collaboration and innovation across these businesses and are pleased to see that work will continue.”
“We are thrilled to acquire the Cox Radio station portfolio, CoxReps, and Gamut and combine them with the Cox Television business to form a new media company focused on quality local broadcasting,” said David Sambur, Chairman of the buyer and Senior Partner of Apollo. “Cox has deep roots in the media industry and has stood for the highest quality in local journalism for the past 120 years. As we shepherd these businesses into the future, we are committed to investing in high-quality programming and fostering innovation in local media.”
The transaction is subject to customary regulatory review and closing conditions. Radio stations currently owned by Cox Media Group are set forth below. To comply with FCC ownership limits, the buyer intends to divest two FM stations, one each in Orlando and Tampa.
Eversheds Sutherland LLP and Covington & Burling LLP served as the legal advisors to Cox Enterprises in the transaction.
RBC Capital Markets LLC, Guggenheim Securities, LLC, and LionTree Advisors, LLC served as the financial advisors and Paul, Weiss, Rifkind, Wharton & Garrison LLP and Cooley LLP served as the legal advisors to the buyer in this transaction.
· WRFC – AM 960 – 960 The Ref
· WGAU – AM 1340 – News Talk 1340
· WGMG – 102.1 FM – Magic 102.1
· WXKT – 103.7 FM – 103.7 Chuck FM
· WPUP – 100.1 FM – 100.1 Power Athens
· WNGC – 106.1 FM – 106.1 WNGC Your Georgia Country
· WSRV | 97.1 The River
· WSB-FM | B98.5
· WALR | KISS 104.1 FM
· WSB-AM and WSBB-FM | News 95.5 and AM 750 WSB
· KKBQ-FM | 92.9 The New 93Q
· KTHT-FM | 97.1 Country Legends
· KHPT-FM | and KGLK-FM 106.9/ 107.5 Houston’s The Eagle
· WOKV-HD2 | HOT 99.5
· WAPE-FM | 95.1 WAPE
· WXXJ-FM | X106.5
· WOKV-FM | News 104.5 WOKV
· WJGL-HD2 | Power 106-1
· WJGL-FM | 96-9 The Eagle
· WEZI-FM | Easy 102.9
· WOKV-AM | 690-AM – ESPN 690 AM
Long Island, NY
· WBLI-FM | 106.1 BLI
· WBAB-FM | 102.3 WBAB
· WEDR-FM | 99 JAMZ
· WFEZ-FM | Easy 93.1
· WFLC-FM | Hits 97.3
· WHQT-FM | Hot 105
· WDBO FM – News 96.5 WDBO
· WWKA-FM – K92.3
· WMMO-FM – 98.9 WMMO
· WCFB-FM – STAR 94.5 FM
· WCFB-HD2-FM – 107.3 Solo Exitos
· WPYO-FM – POWER 95.3*
· WDBO-AM – ESPN Orlando
San Antonio, TX
· KISS-FM | KISS 99.5
· KONO-FM | KONO 101.1
· KTKX-FM | 106.7 The Eagle
· KKYX-AM | Country Legends 680AM & 104.9 FM
· KCYY-FM. | Y100 – San Antonio’s New Country Leader
· KONO-AM | KONO 860AM
· KSMG-FM | Magic 105.3
· WPOI-FM | Hot 101.5
· WXGL-FM | 107.3 The Eagle
· WSUN-FM | 97X – Tampa Bay’s New Alternative*
· WDUV-FM | 105.5 WDUV Lite Favorites
· WWRM-FM | Magic 94.9
· WHPT-FM | 102.5 The Bone
· KJSR-FM | 103.3 The Eagle
· KRAV-FM | Mix 96.5
· KWEN-FM | K 95.5
· KWEN-HD2 |105.7 The Bone
· KRMG-FM | News 102.3 and AM740
*Subject to divestiture to comply with regulatory ownership limits.
About Apollo Global Management
Apollo is a leading global alternative investment manager with offices in New York, Los Angeles, San Diego, Houston, Bethesda, London, Frankfurt, Madrid, Luxembourg, Mumbai, Delhi, Singapore, Hong Kong, Shanghai, and Tokyo. Apollo had assets under management of approximately $303 billion as of March 31, 2019, in private equity, credit and real assets funds invested across a core group of nine industries where Apollo has considerable knowledge and resources. For more information about Apollo, please visit www.apollo.com.
About Cox Enterprises
Cox Enterprises is dedicated to building a better future through our leading communications, automotive services, and media companies. Our major operating subsidiaries include Cox Communications, Cox Automotive, and Cox Media Group. Headquartered in Atlanta, Georgia, Cox is a global company with over $20 billion in annual revenues and brands that include Autotrader, Kelley Blue Book, and Cox Homelife. Founded in 1898 by Ohio governor James M. Cox, the company is a family-owned business committed to its people, communities and the planet. To learn more about Cox, visit coxenterprises.com.
About Cox Media Group
Cox Media Group is an integrated broadcasting, publishing, direct marketing and digital media company. The company’s operations include broadcast television stations, radio stations, daily newspapers, and non-daily publications. Additionally, Cox Media Group operates the National Advertising Platform businesses of CoxReps, Gamut , and Video; and offers a full suite of local and regional advertising services through its Local Solutions and Ideabar
SOURCE Cox Enterprises
“Nick is the quintessential entertainer and content creator who will take our media game to the next level,” said Otto Padron, President, and COO of Meruelo Media, “His tremendous success across television, film, and music is a testimony of his unique talent, work ethic, and impeccable reputation.” Otto concluded, “Nick is the absolute right talent to start our mornings on Power 106 – this is an incredible match and we’re fortunate to have him on our family!”
Cannon said, “Power 106 is one of the most substantial fixtures in our Hip Hop culture that has proven time and time again that they are #1 and not going anywhere! Los Angeles is used to starring players joining star franchises! I’m just honored for the opportunity to make our community and Culture proud. All I can say is it’s Ncredible!”
Power 106 Program Director, E-Man said, “Nick Cannon is that fresh sound we were looking for on Power 106. Nick is an incredible entertainer who embodies Hip Hop, pop culture, comedy, and community all in one! We are very excited to have him on our team.”
Cannon is the Host and Executive Producer of Fox’s #1 hit TV show, “The Masked Singer”, as well as the Creator, Host, and Executive Producer of MTV’s “Wild ‘N Out”, which will begin production on its 15th season later this year. Wild ‘N Out has been influential in developing the careers of Kevin Hart, Kat Williams, DC Young Fly, and several other successful comedians. Wild ‘N Out’s YouTube channel has amassed almost 5 million subscribers since its official launch approximately 6 months ago. In 2009, Cannon was named chairman of the TeenNick network, making him “the youngest TV chairman in history”. Simultaneously, the entertainment mogul has collaborated with Will Smith, Future, Migos, Chris Brown, Ty Dolla $ign, and others on personal music projects. As a music business curator and label head of Ncredible Entertainment, Nick has helped discover and develop award-winning talent such as, H.E.R., Kehlani, Soulja Boy, and Justin Bieber. Under Ncredible Entertainment, Cannon continues to curate a roster of groundbreaking talent that will dominate the airwaves and music landscape through the highly anticipated Summer 2019 releases from the Ncredible Gang, Lil Dope Boy, Suave, Black Squad, and Justina Valentine.
SOURCE Power 106
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