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Cox Enterprises Announces Plans to Sell Certain Newspapers

2008-08-13 14:35:00

                    Company Also Intends to Sell Valpak

    ATLANTA, Aug. 13 /EMWNews/ -- Cox Enterprises, Inc. announced today

that it intends to sell the Austin American-Statesman, its affiliated

operations including, 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.


    Cox Enterprises will retain ownership of The Atlanta

Journal-Constitution, The Palm Beach Post, Dayton Daily News and their

affiliated publications.

    "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

Chief Executive Officer of Cox Enterprises. "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."

    Approximately 80 percent of Cox Enterprises' revenues now come from

sources other than its traditional advertising-supported media companies

(newspapers, television and radio). Moving forward, Cox will continue to

strengthen its portfolio of businesses by making significant capital

investments that improve their competitive positions. Recent examples

include an investment to develop next-generation wireless and mobility

services for Cox Communications, Inc. and investments in technology, global

expansion and innovative products at Manheim, which is transforming the

wholesale vehicle buying and selling experience.

    "Newspaper businesses are an important part of Cox's history, and we

greatly value the contributions the employees of these companies have made

to our company," Kennedy added. "Local newspapers play a valuable role in

the communities they serve, and we are confident that the publications we

are selling and those we continue to operate will continue to provide

timely, valuable and trustworthy news and information to their readers."

    Kennedy continued, "Since becoming a Cox company in 1991, Valpak has

become an industry leader and a brand that consumers around the country

know and trust. Its new state-of-the-art production facility will allow

Valpak to offer advertisers even more effective and targeted tools to reach

their customers."

    In addition to Valpak and the Austin American-Statesman (TX) and its

related community publications, Cox intends to sell the following groups of

stand-alone newspapers:

    -- North Carolina: The Daily Reflector (Greenville) and a number of

surrounding community publications; the Rocky Mount Telegram, The Daily

Advance (Elizabeth City) and Savings Source Direct, a direct mail media


    -- Texas: the Waco Tribune-Herald; the Longview News-Journal; The

Marshall News Messenger; The Lufkin Daily News; and The Daily Sentinel


    -- Colorado: The Daily Sentinel (Grand Junction) and The Nickel.

    Citigroup has been retained to assist Cox Enterprises with the

marketing of the newspapers, and Goldman Sachs has been retained to assist

with the marketing of Valpak. The company and its advisors are preparing

information in connection with the sale of these assets and expect to be in

a position to share information with prospective buyers in September.

    Cox Enterprises ( )

    Cox Enterprises is one of the nation's leading media companies and

providers of automotive services, with 2007 revenues of $15 billion and

more than 83,000 employees. Major operating subsidiaries include Cox

Communications, Inc. (cable television distribution, telephone, high-speed

Internet access, commercial telecommunications, advertising solutions and

Travel Channel); Cox Newspapers, Inc. (newspapers, local and national

direct mail advertising); Cox Television (television and television sales

rep firms); Cox Radio, Inc. ([NYSE: CXR] broadcast radio stations and

interactive Web sites); Manheim, Inc. (vehicle auctions, repair and

certification services and web-based technology products) and Cox Auto

Trader (automotive publications and a majority stake in

    Cox Newspapers ( )

    Cox Newspapers includes 17 daily and 26 non-daily newspapers. Its other

operations include Cox Target Media, Inc. (CTM), provider of Valpak (the

nation's leader in cooperative direct mail advertising). Cox Newspapers is

a subsidiary of Atlanta-based Cox Enterprises Inc.

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