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Like rats fleeing a sinking ship, media companies have begun attempting to offload newspaper holdings. Cox Enterprises is the latest to make such an announcement, saying it will sell its community newspapers in North Carolina, Colorado, and Texas. The sale will include the Austin American-Statesman.
Cox will also sell its direct mail operation, Valpak, reports Editor & Publisher. The move will help the company pay down debt.
Cox says that about 80 percent of its revenues come from sources other than its newspaper, radio and television properties.
The company plans to keep the Atlanta Journal-Constitution, the Palm Beach Post in Florida and the Dayton Daily News in Ohio.
The Austin American-Statesman is the second major daily in recent weeks to be put on the auction block. Copley Press announced in July it was seeking buyers for The San Diego Union-Tribune.
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Cox Enterprises, Inc. announced today that the company is bringing together its three media units - Cox Newspapers, Cox Television and Cox Radio - under a new organization named Cox Media Group, Inc., effective January 2009. The subsidiary will be headquartered…
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