Mar 30, 2022 - Economy

Cox Media Group sells TV stations in 12 markets to Imagicomm

Sara Fischer

An illustration showing a TV outage. — Illustration: Rebecca Zisser/Axios

Cox Media Group, the media company that's majority-owned by affiliates of Apollo Global Management and minority-owned by Cox Enterprises, has agreed to sell a dozen TV stations to Imagicomm Communications, a broadcast affiliate of INSP, a cable network that runs movies, classic TV shows and Westerns.

Why it matters: The deal will help INSP expand further into broadcast. It's part of a broader effort by Cox Media Group to modernize its legacy media portfolio.

Details: "This acquisition is part of our broad corporate strategy to expand our media ownership across multiple entertainment platforms,” said David Cerullo, Chairman & CEO of INSP

As part of the deal, Cox agreed to sell across 12 markets in cities like Idaho Falls, Memphis, Spokane and Syracuse.
Financial terms were not disclosed.

Catch up quick: Cox Enterprises, the family-owned communication company based in Atlanta, sold a majority stake of its media division, which included 14 local TV stations and its Ohio newspapers to private equity firm Apollo Global Management in 2019.

It later sold its radio assets to Apollo as well.
A year later, Cox bought back its Ohio newspapers, citing its commitment to local journalism.
Last year, Cox Enterprises invested in Axios, which has local news efforts in Atlanta and other cities.

What's next: The transaction are expected to close in the second half of 2022.

Disclosure: Cox Enterprises is an investor in Axios.

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Cox Media Group sells TV stations in 12 markets to Imagicomm

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