Magazine article Editor & Publisher

'Daytona News-Journal' Could Go on the Block

Magazine article Editor & Publisher

'Daytona News-Journal' Could Go on the Block

Article excerpt

The News-Journal Corp. will have to pay Cox Enterprises $129 million for its shares or face the possibility of selling its paper The Daytona (Fla.) News-Journal.

A federal appeals court in Atlanta struck down the News-Journal Corp.'s challenge over the value of Cox's 47.5% stake in the company, reports http://www.news-journalonline.com/NewsJournalOnline/News/Headlines/frtHEAD05040308.htm Jay Stapleton a staff writer at the News-Journal. Cox is the minority owner of the News-Journal Corp., controlled by the Davidson family.

In May 2004 Cox sued the News-Journal Corp., according to court documents, for "fraud, waste, and mismanagement" relating to a $13 million bill for naming rights of a Daytona Beach downtown performing arts center with ties to the Davidson family.

Cox claimed in court filings that it was never made aware that the company sanctioned the move to spend the money for a sponsorship that was "more than the [News-Journal Corp.'s] annual net income for the prior two years combined," court documents revealed. …

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