Fox 25 sold to private equity firm

The parent company of Fox 25 agreed on Friday to sell a majority stake of its television station to a private equity firm.

As the Herald reported earlier this week, Cox Media Group, a division of Cox Enterprises, was in talks with private equity firm Apollo Global Management for a possible acquisition deal.

Both companies said on Friday that Apollo has struck a deal to acquire a majority stake in 13 television stations owned by Cox. Both firms said they will form a new company headquartered in Atlanta to operate the stations, according to a press release.

“These stations have decades of experience breaking barriers and delivering the news and information their communities need daily,” Cox Enterprises CEO Alex Taylor said in a statement. “We wanted to find a company that is committed to investing in broadcast television now and in the future, and we found that in Apollo.”

“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,” said Apollo senior partner David Sambur in a statement. “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.”

Cox’s TV stations, with markets in Atlanta, Charlotte, N.C., Seattle and Boston, reach a combined 31 million viewers across the nation, according to the company. Cox, which also owns radio stations, newspapers and auto websites, announced last July it is looking to sell off its broadcasting businesses.

Cox acquired Channel 25 (WFXT) from Fox Television Stations in June 2014. The TV station changed the name of its news- casts from Fox 25 News to Boston 25 News in April 2017, distancing itself from the Fox News cable network, though the station remains the Fox network affiliate in the Boston market.

“We didn’t make this decision lightly. Many CMG employees have been with us for the majority or all of their careers. I’m proud beyond words of how the entire CMG team has operated throughout the years, especially during the past several months,” Taylor said.