Apollo Global Management is exploring a potential $4bn sale of Cox Media Group as it prepares to exit the broadcast television and radio sector.

The New York-based private equity firm has hired Moelis & Co. to advise on the process, according to sources familiar with the matter.
Apollo is seeking a buyer that could acquire most of the group’s assets, which include local television and radio stations in major US markets such as Atlanta and Seattle. Discussions are ongoing, but a transaction is not guaranteed.

Nexstar Media Group and Gray Media are among the interested parties evaluating a possible acquisition of some or all of the assets. Both firms declined to comment.

The potential sale follows expectations of renewed consolidation in the US broadcast industry, with anticipated regulatory rollbacks under new FCC Chairman Brendan Carr. Deregulation could ease ownership limits and create favourable conditions for mergers and acquisitions.

Apollo entered the local broadcast media space in 2019 by acquiring assets from Cox Enterprises and Northwest Broadcasting. It consolidated the businesses under Cox Media Group, retaining majority ownership while Cox Enterprises held a minority stake.

Cox Media Group’s portfolio spans nine markets, featuring affiliates of CBS, Fox, and other networks. The company reaches 60 million US viewers and also operates a dedicated advertising business.