Apollo Global to Dump a Dozen Cox Stations
When Apollo took over the Cox stations, most of us knew that Cox would never be the same.
Apollo a hedge fund was not buying the stations for any other reason that to try and pad their bank account.
Cox was one of the best companies to work for, they focused on Journalism and were known for putting on quality newscasts.
When Apollo came in, the cuts happened fast and quickly. Many stations that had news choppers saw those grounded. Longtime solid journalists were leaving the Cox stations and often either not replaced at all or were replaced by young cheaper hires.
A Cox GM told FTVLive that the Apollo was making cuts and would then start dumping stations in which they brought down the bottom line as low as they could.
Yesterday, Cox announced that they were selling off a dozen stations.
The 12 stations were for the most part in smaller markets and they are being sold off to Imagicomm Communications, a broadcast affiliate of INSP, a cable network that runs movies, classic TV shows, and Westerns.
Not exactly a news powerhouse.
What does this mean for those stations?
More than likely they will continue to be run on the cheap by a company that has little experience in journalism.
Do you want the bullshit quotes from the powers that be?
Here you go.
“These are important local journalism and community service brands powered by incredible media professionals and journalists who work tirelessly to inform, entertain, and elevate the communities they serve,” said CMG’s President and CEO, Dan York. “We are pleased to advance the strategic evolution of our portfolio, are proud of our team members at these stations, and are confident they will continue to excel in their important work as part of the Imagicomm / INSP family.”
David Cerullo, Chairman & CEO of INSP, said, “We are excited to be entering the broadcast television market with this strong collection of brands that are integral to informing and entertaining the communities they serve. We look forward to working with the stations’ talented staff and building upon their rich legacy of journalism and serving their communities, advertisers, and audiences. This acquisition is part of our broad corporate strategy to expand our media ownership across multiple entertainment platforms.”
Here is a least of the dirty dozen:
Alexandria, LA - KLAX
Binghamton, NY - WICZ
Eureka, CA - KIEM/KVIQ-LD
Greenwood, MS - WABG/WNBD/WXVT
Idaho Falls, ID - KPVI
Medford, OR - KMVU/KFBI-LD
Memphis, TN - WHBQ
Spokane, WA - KAYU
Syracuse, NY - WSYT
Tulsa, OK - KOKI/KMYT
Yakima, WA - KCYU-LD/KFFX
Yuma, AZ - KYMA
If you’re working at one of the Tegna stations in Texas that is getting bought up by Apollo, this is a good idea what you can look forward to.
The deal is expected to close later this year.