It may be known as a buy-and hold company, but Cox Enterprises announced that it intends to sell the Austin American-Statesman, its affiliated operations including Austin360.com, and all of Cox’s stand-alone community newspapers in North Carolina, Colorado and Texas. Cox also intends to sell Valpak, the nation’s leader in cooperative direct mail advertising.
"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 CEO of Cox Enterprises.
Cox is not trying to exit the publishing business, where it began 110 years ago. Cox Enterprises will retain ownership of The Atlanta Journal-Constitution, The Palm Beach Post, Dayton Daily News and their affiliated publications. It also has major interests in radio, television and cable.