New York (AP) Atlanta-based Cox Enterprises Incorporated says it plans to sell several of its smaller newspapers, reducing the company's portfolio of advertising-supported media properties.
Among the papers Cox plans to sell are Grand Junction’s the Daily Sentinel and The Nickel.
Cox also intends to sell the Austin American-statesman and five other community papers in Texas, including the Waco Tribune-Herald; and three papers in North Carolina, including the Rocky Mount Telegram.
The company will also sell its Valpak direct coupon mailing business.
Cox says it'll use proceeds from the sales to pay down debt. It didn't say how much it expects to fetch for the properties.
Cox says it now generates about 80 percent of its 15 billion dollars in annual revenues from sources outside advertising-supported media businesses like newspaper, television
Cox also owns a cable TV company called Cox Communications, an auto auction and services company called Manheim Incorporated, and Cox Auto Trader, which runs auto publications and has a majority stake in Autotrader.Com.