Cox Enterprises to sell N.C. newspapers

THE LATEST: Why sell now and will anyone want to buy? Read it.

Aug. 13, 2008

Cox Enterprises Inc. announced it will put its North Carolina newspaper properties up for sale. Cox currently operates three daily papers and 10 communities in the Tar Heel state.

“This decision was made as part of an ongoing strategic review of our portfolio and enables us to maintain our strong and stable financial performance by further paying down debt,” said Jim Kennedy, Chairman and Chief Executive Officer of Cox Enterprises.

North Carolina papers are not alone in this sale. Papers in Texas, including the Austin American-Statesman, papers in Colorado and the Valpak direct mail advertising business. It will keep The Atlanta Journal-Constitution.

The sale also includes Savings Source Direct in Tarboro, a direct mail company serving most markets in North Carolina.

“We are proud of the growth we have experienced in the 12 years of Cox’s ownership of these properties,” D. Jordan Whichard III, publisher of The Daily Reflector and group publisher and CEO of Cox North Carolina Publications Inc., said today on the Reflector's Web site.

“Throughout this sale process, we will continue to operate our eastern North Carolina newspapers, Web sites, direct-mail marketing and commercial printing businesses as we always have, focused on providing our audiences, advertisers and other customers with the high quality news, information and other services they have come to expect.”

MORE ON THE STORY

Analysis from Editor & Publisher: Will anyone buy?

Read the press release from Cox Enterprises.

Cox Enterprises Inc. is much more than a newspaper company. It's also into cable, radio, TV and the auto auction business.

Where else does Cox Newspapers have properties?