NEW YORK and ATLANTA, July 13, 2022 (GLOBE NEWSWIRE) -- One Equity Partners (OEP) and Cox Media Group (CMG) today announced that they have entered into a definitive agreement for OEP to purchase CoxReps and Gamut.
OEP is a middle-market private equity firm with approximately $10 billion in assets under management, focused on building market-leading companies through transformative combinations within the industrial, healthcare, technology, and media sectors in North America and Europe. CMG is an industry-leading media company with unparalleled TV and radio brands, award-winning content, and exceptional people.
Andrew Dunn, Managing Director of OEP, said, “OEP is thrilled to begin its investment partnership with these two superb teams leading two companies at the forefront of the television advertising and digital streaming industries. While both CoxReps and Gamut are leaders in their respective markets, and will continue to operate as sibling companies, we expect to foster even greater collaboration between them, increasing the flow of advertising dollars into local video. We will assist these efforts with increasing investment in technology and by capitalizing on OEP’s own deep expertise in the media industry.”
CoxReps is the country's premier national television representation company, delivering local, smart media solutions on a national scale on behalf of the most respected broadcast groups in the United States. Gamut, the award-winning leader in local OTT media, helps brands connect with relevant streaming audiences in every DMA. CMG will continue its long-standing and valued commercial relationships with each business after the transaction closes. CoxReps will continue to represent CMG in national advertising, and CMG will maintain its business relationship with Gamut.
"This comes at the right time strategically for CMG and both CoxReps and Gamut. The transaction maximizes the value of all three businesses and increases the long-term growth potential for CoxReps and Gamut – and their talented teams – under OEP’s ownership,” said Steve Pruett, Executive Chairman for CMG. “The sale will allow CMG to increase its focus on our core businesses. At the same time, both CoxReps and Gamut are poised to thrive in ways that will be reinforced and accelerated with OEP.”
The transaction is expected to close within approximately 30 days.
About One Equity Partners
One Equity Partners (OEP) is a middle-market private equity firm focused on the industrial, healthcare, technology, and media sectors in North America and Europe. The firm seeks to build market-leading companies by identifying and executing transformative business combinations. OEP is a trusted partner with a differentiated investment process, a broad and senior team, and an established track record generating long-term value for its partners. Since 2001, the firm has completed more than 300 transactions worldwide. OEP, founded in 2001, spun out of JP Morgan in 2015. The firm has offices in New York, Chicago, Frankfurt and Amsterdam. For more information, please visit www.oneequity.com.
About Cox Media Group
CMG Media Corporation (d/b/a Cox Media Group) is an industry-leading media company with unparalleled brands, award-winning content, and exceptional people. CMG provides valuable local content to viewers in the communities in which it serves. The company's operations primarily include 35 high-quality, market-leading television stations in 21 markets, 53 top-performing radio stations delivering multiple genres of content in 11 markets, and numerous streaming ana digital platforms. CMG's portfolio includes primary affiliates of ABC, CBS, FOX, NBC, Telemundo and MyNetworkTV, as well as several valuable news and independent stations. For more information about CMG, visit www.coxmediagroup.com.
About CoxReps
CoxReps is the country's premier national television representation company, delivering local, smart media solutions on a national scale on behalf of the most respected broadcast groups in the United States. The company is driven by a highly talented workforce with experience and expertise in innovative research and targeted advertising solutions, and a deep understanding of the media landscape. This approach allows CoxReps to identify and fulfill opportunities for customers at local and national scale.
About Gamut
Gamut is the leader in local OTT, helps brands connect with relevant streaming audiences in every DMA. Leveraging our direct access to brand-safe, premium OTT inventory and advanced advertising tools, advertisers deploy highly engaging, personalized ads to intended, local audiences on a national scale. With more than 20 years of digital media experience in this evolving video landscape, Gamut is committed to delivering the highest-level of service and expertise to ensure maximum results for our clients and partners.
Advisors
One Equity Partners was represented by Latham & Watkins.
Progress Partners served as financial advisor to Cox Media Group and Terrier Gamut Holdings, and the companies were represented on the transaction by Perkins Coie LLP and Fenwick & West, with Morgan Lewis & Bockius LLP serving as special regulatory counsel.
| Media Inquiries: | |
| One Equity Partners | Cox Media Group |
| Tom Faust | CMGMediaRelations@cmg.com |
| tfaust@stantonprm.com |
