Cox Puts Four TV Stations on Block After Acquiring Four From NewportStations in El Paso, Johnstown, Reno and Steubenville, Ohio, go on market 7/20/2012 02:05:04 PM Eastern
Cox Media Group (CMG), a day after acquiring WAWS-WTEV Jacksonville and KOKI-KMYT Tulsa from Newport TV for $302 million, is looking to sell KFOX El Paso, WJAC Johnstown, KRXI Reno and WTOV Steubenville.
Cox has also put its radio outlets in Birmingham, Greenville, Hawaii, Louisville, Richmond and southern Connecticut on the block.
"This simplified structure will enable CMG to capitalize on continued growth and synergies, while retaining its size financially," said CMG president Doug Franklin. "All of our media outlets, regardless of size, are valuable, profitable brands with strong futures thanks to the hard work and dedication of our talented professionals who serve their audiences, advertisers and communities. We thank the leaders and employees in the locations we're selling for their outstanding contributions to this company over the years and the valuable service they will continue to provide their respective communities."
CMG is also realigning its leadership structure to "provide even more focus on the specific media platforms (newspaper, radio, TV), while continuing to drive collaboration and growth," it said in a statement. Former Group VP Kim Guthrie is now CMG's senior VP for radio, and former Austin American-Statesman Publisher Jane Williams is the new senior VP for TV. Both report to Bill Hoffman, executive VP of broadcast.
"Our new business realignment enables us to simplify our structure and continue our strategic initiatives of driving cash flow, extending our strong local brands into digital, and continuing the development of our talented people," said Franklin. "We will also continue to bolster our core portfolio with new, high-growth initiatives that focus on emerging advertising and scalable content."