Cox Enterprises, Inc. has announced 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 in Atlanta and Cox veteran Sandy Schwartz will serve as president.
“Bringing together our media operations under one organization creates efficiencies that allow us to strengthen Cox for the future,” said Jimmy Hayes, president and chief operating officer of Cox Enterprises. “Working together, our businesses will grow to become more cost effective, learn more from each other and continue their leadership position in serving our markets.”
The businesses comprising Cox Media Group will include 17 daily and 26 non-daily newspaper publications, 15 television broadcast stations, 86 radio stations, more than a hundred digital services associated with these businesses and Valpak. Cox’s planned sale of Valpak and newspaper assets in Texas, North Carolina and Colorado continues during this reorganization.
The creation of Cox Media Group also positions the company for continued growth in today’s rapidly shifting communications landscape. Each of Cox’s three media units will benefit from more comprehensive and efficient corporate resources while retaining separate operations. Additionally, each business within Cox Media Group will gain access to an expanded knowledge base given Cox’s strong focus on market research.
“Another advantage to Cox Media Group is that we are bringing together our wide array of digital resources that ultimately will lead to enhanced online and mobile experiences for all our audiences,” said Schwartz.
All of Cox’s media properties are managed and run locally with employees who live in the communities they serve. Additionally, each business location will continue to make important contributions of time, talent and financial support to their local communities.
Following the formation of Cox Media Group, Cox Radio will continue to trade publicly on the New York Stock Exchange under the symbol CXR.
“All of the publications, stations and digital properties we operate within Cox Media Group will continue to compete as the leading source of news, entertainment and information in the markets in which they operate,” added Schwartz.