Buyout firm Apollo Global Management LLC has agreed to acquire a majority stake in 14 television stations from privately held Cox Media Group, the company said on Friday, a move that sets up Apollo to become a player in broadcasting, an industry it has sought deals in for some time.

While Apollo and Cox did not disclose financial terms, sources said the transaction was valued at around $3 billion.

The stations are in cities such as Seattle, Boston and Jacksonville, Florida, and reach more than 31 million U.S. viewers.

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