These are the stocks posting the largest moves before the bell.Market Insiderread more
Stock futures are surging after the Fed signaled interest rate cuts may begin as early as July.US Marketsread more
The billionaire investor believes the stock market is in a "zone of fair value" at current levels.Marketsread more
An Iranian surface-to-air missile shot down a U.S. military surveillance drone in international airspace over the Strait of Hormuz Thursday morning, the Pentagon said.World Politicsread more
Workplace messaging firm Slack is about to go public in a red-hot IPO market, but it's approach to going public--using a "direct listing"--is slightly different than an IPO.Trader Talk with Bob Pisaniread more
President Donald Trump has publicly blamed the Federal Reserve's interest rates hikes for holding back U.S. economic growth.The Fedread more
Beyond Meat has blown up. The plant-based meat company is now larger than 80 S&P 500 companies, including Macy's, Xerox and Mylan.Trading Nationread more
Slack's public market debut on Thursday will generate billions for venture firm Accel and healthy returns for Andreessen Horowitz and Social CapitalTechnologyread more
While the Federal Reserve still sees no rate cut in 2019, traders are convicted a rate reduction is coming as soon as July.Marketsread more
Goldman Sachs lowered its price target on Tesla over concerns about demand.Marketsread more
China's President Xi Jinping arrived in Pyongyang on Thursday morning for a state visit to North Korea — the first by a Chinese state leader in 14 years. Experts say the move...Asia Politicsread more
NEW YORK, Feb 10 (Reuters) - Apollo Global Management LLC is nearing a roughly $3 billion agreement to acquire Cox's TV stations, the biggest in a series of deals the private equity firm is lining up to become a force in U.S. broadcasting, according to sources familiar with the matter.
Cox Media Group and Apollo are also discussing some joint venture agreements for Coxs broadcast station in Atlanta, where Cox is headquartered and also has radio stations, the sources said.
There may be other cities where the companies decide to have joint ventures, the sources added.
An agreement between Apollo and Cox could be announced later this week, the sources said, asking not to be identified because the matter is confidential. As with any negotiations, talks could always fall apart at the last minute, the people cautioned.
Apollo is also a bidder for a portfolio of stations that Nexstar Media Group Inc plans to shed following its $4.1 billion takeover of Tribune Media Co, the sources added. That process is expected to wrap up later this year. Should Apollo prevail in that auction, it would combine the assets with the Cox TV stations, the people said.
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, the sources said.
Apollo and Cox declined to comment. Northwest Broadcasting and Nexstar could not be reached for comment.
Cox, a privately held family company based in Atlanta, said last July it was exploring options for its 14-station portfolio. The stations were in markets such as Orlando, Florida, Atlanta, Seattle and Jacksonville, Florida.
The broadcast media sector has seen a flurry of merger talks amid expectations that the U.S. Federal Communications Commission could relax restrictions on how many stations broadcasters can operate. The FCC has yet to vote on the matter.
Private equity firms find broadcast TV stations appealing because of the cash-rich fees the stations generate from being carried by cable operators. Apollo would seek to use some of Northwest Broadcasting's contracts, which have higher fees than Cox's, to hike up fees from the cable operators, some of the sources said.
Apollo would also be able to cut costs at Cox's TV stations, which have been family-controlled for many years.
Apollo tried unsuccessfully last year to acquire both Nexstar and Tribune Media, in separate attempts. (Reporting by Liana B. Baker and Greg Roumeliotis in New York; Additional reporting by Carl O'Donnell; Editing by Peter Cooney)