Apollo Global Management agreed to buy a majority interest in Cox Media Group's broadcast television stations, including the company's radio, newspaper and TV properties in Ohio from Cox Enterprises. Cox Enterprises will maintain a minority stake and will join the Apollo Funds in forming a new company to operate these stations. While Apollo and Cox did not disclose financial terms, the transaction was rumoured to be around $3bn. "We are extremely excited for our funds to acquire a majority interest in Cox Media Group's broadcast television stations and are humbled by Cox Enterprises' decision to entrust us to steward these stations and carry on the Cox legacy. We have an extraordinary amount of respect and admiration for the journalistic integrity, news quality, and commitment to community across Cox Media Group's broadcast stations," said David Sambur, Senior Partner at Apollo. "We look forward, in collaboration with Cox Enterprises, to supporting the high standards to which each station operates and contributing to the platform's future growth and prosperity." The transaction is subject to customary regulatory review and closing conditions.