Cox Enterprises Inc. on Friday announced an agreement with funds managed by Apollo Global Management LLC to buy a majority stake in its group of 14 television stations, including two in Jacksonville.
Atlanta-based Cox owns Fox network affiliate WFOX TV-30 and also operates CBS affiliate WJAX TV-47 under a shared services agreement.
WJAX is owned separately by a former Cox executive, but Cox provides programming, sales and other operations services.
Cox said in a news release that Apollo plans to maintain the “management and operating structure Cox Media Group’s TV business has created.”
In addition to the television stations, Apollo is buying three newspapers and five radio stations in Ohio owned by Cox.
Cox owns a total of 61 radio stations, including seven in Jacksonville, but most of the radio stations are remaining with Cox.
The company announced in July it was seeking a possible buyer for its television stations but not the radio group.
Cox will retain a minority interest in the TV group and will form a new company with Apollo, headquartered in Atlanta, to operate the stations.
Terms of the deal were not announced.