This was the memo sent out to Cox Employees:
After a long and thoughtful process, Cox Enterprises has entered into a definitive agreement for Apollo Global Management, LLC to purchase a majority position in Cox Media Group’s television stations and the integrated media operations in Ohio. Cox will keep a minority ownership. This is an outstanding outcome from several angles.
When we conducted a strategic review of the media landscape, it confirmed what we already knew — that the broadcast television industry was undergoing profound change. We had to adapt to these market forces. Advertising continues to convert to digital at increasing rates with much of that dominated by Google and Facebook. To remain competitive, our stations need to operate in a portfolio with far greater scale to make them stronger and position them for success going forward. We believe we have found the right partner in Apollo.
We didn’t make this decision lightly. Our family identifies strongly with our founding roots in media. Many of you have been with us for the majority or all of your careers. This weighed heavily on us. I'm proud beyond words of each of you and how you've operated throughout the years, especially during the past several months. Our CMG team is the best in the business. You have shown courage and resilience as we step into a brighter, stronger future.
Cox has been around for over 120 years — not just because we operate well, but because we’re not afraid to change and evolve with the times. This is a fantastic deal that allows us to adapt to a rapidly shifting environment, strengthens our balance sheet for future opportunities and provides a great path forward for our stations, our people and our businesses.
Cox will continue to fully own and operate the stations until the regulatory review is complete, a process that may take at least six months. We will update you along the way as we learn more.
Thank you for your support and ongoing commitment to working together to build a better future for the next generation.
President and CEO