Private equity firm Apollo Global Management LLC is in talks to acquire broadcast television stations from Cox Media Group for close to $3 billion, according to a report from Reuters.
Locally, WPXI-TV and Pittsburgh Cable News Channel (PCNC) are owned by Cox, which is based in Atlanta. The family-run company owns 14 stations in markets ranging from Boston to Seattle and Charlotte, N.C. Last July, CMG announced it was putting its television entities up for sale.
The Reuters report was based on sources who declined to be identified for confidentiality reasons.
Apollo Global Management in recent weeks had been in failed sales talks with another Pittsburgh company, Arconic. Three years ago, Arconic was created after it split from Alcoa.
Maria Sciullo: msciullo@post-gazette.com or @MariaSciulloPG.
First Published: February 12, 2019, 6:31 p.m.
