Apollo Global Management LLC has taken the first step to becoming one of the nation’s biggest owners of local television stations. On Friday, the private-equity firm struck a deal to acquire a majority stake in 13 television stations owned by Cox Media Group, a division of closely held Cox Enterprises Inc. The deal also includes Cox’s radio and newspaper properties in Ohio. Cox said it will retain a minority stake in the new company that will operate the stations.

Source: Wall Street Journal February 15, 2019 19:34 UTC