Is Cox a buyer or a seller?


In the current depressed market, CL King analyst asked Cox Radio CEO Bob Neil whether he would be inclined to bulk-up or sell some stations. Neil begged off giving a direct answer. But he did indicate that Cox Radio is likely to continue buying back its own stock as the best use of its free cash. “There’s a disconnect right now about where the public multiples are and the expectations of sellers about the multiple that they want to get back for their radio stations,” said Neil, adding that his company has indicated that it is not committed to any one strategy forever. In other words, he’s keeping the door open to all options.