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Cox And Alpha Sales Rumors

T

TheBigA

Neither of these surprise me at all. Especially the Alpha story:

radioinsight.com

Report: Apollo Seeking To Sell Cox Media Group; Rumor: Is Alpha Media Close To A Sale?

The merger and acquisition rumor mill went into overdrive this afternoon with a pair of possible group sales. First Bloomberg
radioinsight.com radioinsight.com

Jeff Warshaw has had money burning a hole in his pocket for four years. And the Alpha creditors aren't as picky as Cumulus.

Apollo has likely seen the value of their Cox holdings decline steeply over the past few years. But it would take some deep pockets to buy Cox at this point.

How about foreign ownership? Does Cox have a 100% waiver? Apparently they do:

rbr.com

FCC OKs Foreign Dollars For Cox/Apollo With Deal’s Approval | Radio & Television Business Report

The Commission late last week issued a Declaratory Ruling allowing for 100% foreign ownership in Terrier Media. That's the entity being created through the acquisition of Cox Media Group and Brian Brady's Northwest Broadcasting by Apollo Global Management — deals the FCC has now approved.
rbr.com rbr.com
 
Warshaw has a reputation for being a bit eccentric, but most of the people I know who have worked for him say, if you take care of him, he'll take care of you. Those people didn’t complain much 25 years ago until Cumulus bought Connoisseur. Plus, at this point, almost anybody would be better than Alpha.

Apollo has said it wants to sell Cox intact, or mostly intact. Unless Hubbard or a foreign operator is interested, I can’t imagine anyone wanting both the radio and TV properties. I suppose, though, someone might buy everything with the intention of getting out of the markets it doesn’t really want.
 
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