Cox Media Group sells TV stations in 12 markets to Imagicomm
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.