As the FCC considers deregulating ownership caps, Cox Media Group may be one of the first major media companies to change hands in a new wave of consolidation. Apollo Global Management, which acquired Cox Media Group in 2019, is reportedly exploring a sale of the company’s radio and television assets. Bloomberg reports that Apollo has retained Moelis & Co. to gauge buyer interest, with sources suggesting the company could be valued at around $4 billion.
Cox Media Group owns 50 radio stations in 10 markets and 15 television brands across nine markets. Apollo is reportedly seeking a single buyer for the entire portfolio rather than splitting the radio and TV assets among multiple parties. Currently, Nexstar Media Group and Gray Media are said to be interested, though both companies primarily focus on television, raising speculation that CoxÕs radio stations could be spun off.
The potential sale comes as FCC Chairman Brendan Carr pushes for deregulation through his “Delete, Delete, Delete” initiative, which aims to eliminate outdated policies that may hinder competition and investment in the communications sector. Industry groups, including the NAB, are advocating for ownership cap relaxations to enable broadcasters to better compete in the evolving media landscape.
Apollo has not made a final decision, and the sale may not move forward. However, industry observers see this as a test case for how future media consolidations might unfold, particularly if regulatory changes create a more favorable environment. If Nexstar or Gray proceeds with a purchase, it could trigger additional realignments in the radio industry, potentially impacting local markets and station ownership structures nationwide.