Reuters, citing people familiar with the matter, reported that the Atlanta-based Cox has been looking to exit the regional TV sector.
Cox and Apollo are also discussing some joint venture agreements for Cox's broadcast station in Atlanta, where Cox also has radio stations, and there may be other cities where the companies decide to have joint ventures, Reuters said. An agreement between Apollo and Cox could be announced later this week.
Cox is a privately held media conglomerate whose holdings span automotive websites, newspapers and cable TV.
Apollo is also bidding for a portfolio of local TV stations worth about $1 billion that Nexstar Media Group Inc. (NXST - Get Report) plans to shed following its $4.1 billion takeover of Tribune Media Co. (TRCO - Get Report) , Reuters said. This is expected to wrap up later this year, and if Apollo prevails in that auction, the company would combine the assets with the Cox TV stations.
Apollo also has an agreement to acquire the assets of Northwest Broadcasting, which owns more than a dozen TV stations in mostly rural markets in the Pacific Northwest, and combine them with the Cox assets, Reuters said.
Shares of Apollo Global Management closed down slightly on Friday at $29.83.