Breaking: Cox Pulling Out of Texas, Statesman Up for Sale

Cox Enterprises, a privately owned national media company, today announced that it is getting rid of its local newspaper brands in North Carolina, Colorado and Texas. The Austin American-Statesman is among the nine newspapers to be sold, which will also include the Longview News-Journal, the Waco Tribune-Herald, and The Grand Junction Daily Sentinel in Colorado. Cox will retain The Atlanta Journal-Constitution and a small handful of papers in other states.

"The 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 Cox chairman and chief executive Jim Kennedy. "We will continue to own and operate industry-leading companies, invest in existing businesses and maintain a level of financial discipline that ensures we are well positioned for ongoing success."

Cox, which also owns various television and radio stations around the country, seems to be increasingly emphasizing its technology-related properties, especially as the newspaper industry continues to flounder. Its cable and telecommunications subsidiary, Cox Communications, is now the third-largest cable service provider in the United States, and according to today's press release, the company already derives approximately eighty percent of its revenue from non-advertising-supported media.

The Statesman's current publishers have stated that things will be "business as usual," despite the pending sale. All of its current assets, including Austin360.com, ahora si!, and smaller local non-dailies will be be included.

Contact the author of this article or email tips@austinist.com with further questions, comments or tips.

By Allen Y Chen in News on August 13, 2008 2:57 PM 0 Comments

Comments [rss]

oh steph

@lukeradford Picked up on it, blushed, laughed and then thought to myself, "That Allen Y Chen is so punny!"

Unfortunately, our city may still need a dose of Plan B.

lukeradford

is no one going to pick up on the pun in the headline?

sigmund

I'd be pleased as punch if the Statesman was picked up by McClatchy news services. I don't know about the reputation for their locals (the only one in Texas is the Ft. Worth Star Telegram) but their DC bureau regularly out reports the NY Times and the Washington Post (for what that is worth anymore).

http://www.mcclatchydc.com/

twelve

Maybe now we'll get more than a two page World events section?

Scooby

zoop-

What green space? There was a parking lot next to the Congress bridge before the construction. It's not like it was virgin forest.

JohnM

Adam - I wholeheartedly agree.

Adam S

I think I found the answer to all of life's questions in that video, kiwanispool.

zoopzootemelk

Great News since they just tore out a bunch of greenspace for a new parking lot next to the Congress Bridge. Whatevers

kenneth1

I would love to believe a company more reflective of Austin's zeitgeist would buy it, but I'm also realistic. There really aren't any progressive media conglomerates out there, with the possible exception of Gannett.

As a consolation prize, maybe they'll get a sports editor who realizes there is more than one pro football team in Texas.