FCC OKs $3.5 Billion Media Takeover By Apollo-Backed Company

The Federal Communications Commission has backed equity firm Apollo Global Management LLC’s takeover of TV and radio stations owned by Cox Enterprises Inc. and Northwest Broadcasting.

The FCC approved the transactions, totaling almost $3.5 billion, sought by Apollo-controlled Terrier Media Buyer Inc. Media advocacy groups Common Cause and United Church of Christ opposed the deal, arguing it would reduce local media content and viewpoint diversity.

Terrier told the FCC that it intends to improve local programming and pour more investment into broadcast infrastructure.

Terrier reached a deal in February to acquire Atlanta-based Cox’s TV stations business, as well as the ...