Apollo Global Management is in the process of acquiring Cox Media Group TV and radio station portfolio, along with Northwest Broadcasting.

With rumors and rumblings of Apollo acquiring TEGNA, at least 6 markets with overlapping conflicts would be subject to divestitures (after Apollo closes on acquiring Cox and Northwest, pending DOJ & FCC approval). Following markets being...

Atlanta: Cox owns WSB 2 (ABC), and TEGNA owns WXIA 11 (NBC) & WATL 36 (MNT).

Charlotte: Cox owns WSOC 9 (ABC) & WAXN 64 (Ind.), and TEGNA owns WCNC 36 (NBC).

Jacksonville: TEGNA owns WTLV 12 (NBC) & WJXX 25 (ABC), and Cox owns/operates WFOX 30 (Fox) & WJAX 47 (CBS).

Seattle: Cox owns KIRO 7 (CBS), and TEGNA owns KING 5 (NBC) & KONG 16 (Ind.).

Spokane: TEGNA owns KREM 2 (CBS) & KSKN 22 (CW), and Northwest owns KAYU 28 (Fox).

Memphis: Cox owns WHBQ 13 (Fox), and TEGNA is acquiring WATN 24 (ABC) & WLMT 30 (CW).

Additional stations in non-conflict markets could be subject to sale to stay below 39% cap.

As for possible buyers of stations that have to be sold...

Nexstar and Sinclair would seem unlikely as they're flirting with 39% cap. Gray could easily be interested in adding a few additional stations. We could see networks eyeing O&O presences in some additional markets. We could see smaller media groups, like Morgan Murphy Media, Lockwood Broadcasting, and new Standard Media exploring growing their portfolios.

Not sure whether Hearst Television, Hubbard Broadcasting, and Meredith Corporation would have any interest in acquiring a few more stations. E.W. Scripps Company could also easily be interested in acquiring additional stations.