Wanna buy a Cox newspaper? Bet they’re an even better deal than an SUV about right now. Take your time, kick a few tires, consult with Clark Howard about the wisdom of such a purchase. From a large Cox parcel:
Cox Enterprises, owner of The Atlanta Journal-Constitution, is selling newspaper holdings in North Carolina, Colorado and Texas, the company announced today.
The $15 billion company will keep three of its largest newspapers, including the AJC, The Palm Beach Post and the Dayton Daily News.
Company officials did not disclose a sales price for the properties placed on the market, but said revenue from the sales will be used to pay down debt.
“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,” said Jim Kennedy, Cox chairman and CEO.
Cox will also sell Valpak, the company’s direct mail advertising division, officials said.
Large newspaper companies around the country have been shedding some of their holdings because of declining revenues and the slumping economy.
Rest of story here. Think I’ll take a pass on the dino-papers, but I like those Valpak carpet cleaning coupons. I actually use those things.