NEW YORK AND ATLANTA (July 13, 2022) — 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.