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Private Equity Firm Seeks Cox TV Stations in $3B Deal

NEW YORK--Apollo Global Management LLC, a private equity firm, is planning on acquiring 14 regional TV stations from Cox Enterprise, according to Reuters.

The deal would the largest for Apollo, which also tried to unsuccessfully acquire stations from Nexstar and Tribune last year.

Apollo is also seeking to acquire local stations from Nexstar worth about $1 billion; stations that Nexstar plan to jettison following Nexstar’s $4.1 billion acquisition of Tribune. Apollo has also agreed to purchase a dozen stations in the rural northwest from Northwest Broadcasting.

Atlanta-based Cox announced last summer that it planned on putting the 14 stations on the block as it tries to diversify its portfolio.

Cox and Apollo are also in discussions for joint venture agreements for Cox’s WSB-TV station in Atlanta.

The agreement could be announced as early as this week.