When Apollo Management Group announced it was purchasing the 63-station radio division from Cox Media Group, the private equity firm said it would keep the company name and remain headquartered in Atlanta. Now comes word that CMG President Kim Guthrie will remain with the company and take on the CEO title, according to TVNewscheck.com.
Guthrie has been with Cox Media Group for 21 years, joining as VP/GM of the company’s Long Island, NY properties in 1998. Over the years she moved through the corporate ranks, rising to Executive VP of Radio, President of CoxReps and Executive VP of the national ad platform business, before being named to her most recent role as President in 2016.
As earlier reported by Inside Radio, Apollo Global Management is paying $500 million for 63 radio stations across 11 markets, including Atlanta, Miami, Houston, Tampa, Jacksonville, San Antonio, Tulsa, and Nassau-Suffolk, NY. The deal also includes Cox’s national TV rep firm CoxReps and Cox’s Washington, D.C. news bureau operations. Apollo previously struck a $3.1 billion deal to buy Cox’s television station group, including the radio-TV-newspaper combination in Dayton, OH.
In announcing the deal, Apollo said it planned to keep the existing operating structure of CMG’s radio, TV, rep firm and ad businesses intact and leverage the assets to build a national media company with station properties in key markets across the country. Guthrie remaining in place appears to confirm their intentions.
Bill Hendrich currently serves as Executive VP of Cox Media Group with oversight of the company’s radio division.