Magazine article Editor & Publisher

Cox Puts 'Austin American-Statesman' and Several Other Dailies Up for Sale

Magazine article Editor & Publisher

Cox Puts 'Austin American-Statesman' and Several Other Dailies Up for Sale

Article excerpt

Another major daily is going on the block. This time, Cox Enterprises is looking to unload the Austin American-Statesman.

The Atlanta-based company retained Citigroup and Goldman Sachs to assist with the sale.

The auction also includes Cox's community newspapers in North Carolina, Colorado, and Texas, as well as its direct mail operation Valpak.

"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," Jim Kennedy, chairman and CEO of Cox Enterprises, said in a statement.

The company said that approximately 80% of its revenues come from sources other than its newspaper, radio, and television properties.

The other newspapers involved in the auction are the North Carolina properties The Daily Reflector in Greenville, the Rocky Mount Telegram, The Daily Advance in Elizabeth City, and Savings Source Direct.

In Texas: the Waco Tribune-Herald, Longview News-Journal, The Marshall News Messenger, The Lufkin Daily News, and the Daily Sentinel in Nacogdoches are on the block. …

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