Apollo is Said to Explore $4 Billion Sale of Cox Media Group

Apollo Global Management Inc. is looking to exit the business of broadcast television and radio.

The New York-based alternative asset manager has hired Moelis & Co. to help it explore a potential sale of Cox Media Group, including its portfolio of local broadcast television and radio stations from Atlanta to Seattle, according to people familiar with the matter.

A sale could value Cox Media Group at about $4 billion, the people said, asking not to be identified discussing confidential information.

Apollo’s preference is to sell the holdings to a buyer that can take on most of the company rather ...