U.S.-based private equity firm Apollo Global Management LLC has offered to pay $3 billion for broadcasting to communications company Cox's television (TV) stations.
Apollo and Cox Media Group, unit of Cox Enterprises, are also discussing some joint venture deals for Cox’s broadcast station in Atlanta.
Cox was exploring options for its 14 station portfolio such as Orlando, Florida, Atlanta, Seattle and Jacksonville, Florida.
The deal is forecasted to be wrapped up later this year and if Apollo prevails the auction, it will combine the assets with the Cox TV stations.