Cox Media Group is reorganizing its four New York-based ad sales companies – TeleRep, HRP, MMT and Cox Cross Media – into a new umbrella organization called Cox Reps, reports Radio Business Report. The new company will remain in New York with Jim Monahan as president.
As a result of the consolidation, 150 people are losing their jobs. “Restructuring our rep firms produces significant cost reduction and back-end collaboration,” Monahan said.
Cox Reps is TV’s top billing agency, selling 40% of all national spot, according to RBR. Cox Cross Media, now under the Cox Reps umbrella, focuses on local Web and mobile sales.