Apollo Global Management has hired an investment bank to explore its possible exit from the radio and television industry, according to Bloomberg. The company owns a majority stake in Cox Media Group, which operates over 40 radio stations and 12 TV stations nationwide.
Nexstar Media Group and Gray Media are among the parties interested in some or all of Cox Media’s television assets, Bloomberg reported, citing unnamed sources. Both broadcasters may face regulatory hurdles, given federal caps that limit the reach of licensed broadcasters to no more than 39% of the American TV market.
The National Association of Broadcasters has requested the FCC eliminate the ownership cap; earlier this month, FCC Chairman Brendan Carr issued a public notice asking for comments on the types of red tape that the agency should do away with as part of a broader reform effort. Should the ownership cap be eliminated, it would make things easier for Nexstar, Gray or another party to acquire the stations, if the interest remains.