Their duty is to the equity and they will do anything they can to protect the equity,” one executive told the Times. “Apollo founders are famously difficult people. The Financial Times has a vivid account of the hard-nosed tactics the company used to turn around its Las Vegas gambling investments. The Drexel veterans who founded the company built it on fire sales and leveraged buyouts. Apollo Global Management tried to buy two other groups, NexStar Media and Tribune Media, last year, and now it has plans to acquire a group of stations in the Pacific Northwest and others being spun off by NexStar.Īpollo Global Management was born from the ashes of Drexel Burnham Lambert, which went belly up in a celebrated scandal in 1990. The Cox stations are Apollo Global Management’s first big stake in television stations, but the company has been aggressive in its intention to become a major player. And while WSB Radio comes out of this deal still under the Cox umbrella, the radio side of Cox Media Group is also drawing interest from potential buyers. This dramatic a change in the revenue stream has to have a major downstream impact on the AJC.
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That idea had already been scuttled before the announcement of the sale, and now the newspaper and the TV station find themselves under separate ownership. Since the legal barriers to consolidation have been lowered, the AJC and WSB-TV have grown much closer in their operations, producing joint investigative projects and even going so far as to plan the relocation of the AJC newsroom to WSB’s spacious (for a television station) digs. As Cox began selling off its newspapers in recent years, it was often said family sentiment would make Dayton and Atlanta the newspaper chain’s last stand. The Dayton Daily News was the first newspaper owned by James M. It’s noteworthy that the sale to Apollo Global Management also included the Dayton Daily News and some other Ohio properties. In something of a twist, Cox announced that it will retain a minority share in the stations, and that WSB-TV and its sister stations will be part of a new media company, to be headquartered in Atlanta and run by the same Cox Media Group team.Ĭox, which now describes itself as “a privately held automotive services and media company based in Sandy Springs,” will retain ownership of the Journal-Constitution, WSB Radio and several other Atlanta radio stations, as well as some radio stations in other cities. The announcement last week that an agreement had been reached with Apollo Global Management, a private equity firm making its debut in local broadcast television, raised as many questions as it answered. Since Cox Enterprises announced last year that it was selling its 14 broadcast television stations, including WSB-TV, its flagship and most valuable property, just about every name in the business has been floated as a possible buyer. Thus it was that the biggest Atlanta media story in many a year landed Saturday morning in a modest one-column hole on Page A10 of the Journal-Constitution. The media is seldom so circumspect as when it covers itself.
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