NEW YORK — The controlling interest holder of Cox Media Group is working with State Street on an offering that will include private credit investments.
Details of what Apollo Global Management intends to do were spelled out in a SEC filing made early Tuesday. The investment objective, Apollo states, is “to maximize risk-adjusted return and provide current income” with the creation of the “SPDR SSGA Apollo IG Public & Private Credit ETF.”
There’s much financial speak in the filing. The key takeaway is that Apollo is making a move similar to those from BlackRock Inc., another institutional investor active in the broadcast media industry, to give greater access to privately held assets for the individual investor.
This would open those who may normally deal with stocks and money market accounts to investing in entities that have been largely in the domain of institutional investment houses.
Regulatory approval is necessary for the credit ETF to begin.
The move comes following the bankruptcy filing on Monday of Apollo-backed Edgio Inc., with its lead lender, Lynrock Lake Master Fund LP, in pole position to acquire the Phoenix-headquartered company focused on helping businesses “deliver online experiences and content faster, safer, and with more control.”
