ETF News

Cox Enterprises to sell some newspapers, Valpak

NEW YORK (Reuters) - Cox Enterprises Inc said it plans to sell some of its newspapers, including the Austin American-Statesman in Texas, as it seeks to pay down debt.

Cox said on Wednesday that it also plans to sell Valpak, its direct mail advertising unit, as well as papers in Colorado, North Carolina and Texas. It is selling 10 dailies and 19 weeklies in all, a company spokesman said.

The company also said it plans to keep its biggest paper, The Atlanta Journal-Constitution, as well as The Palm Beach Post in Florida and the Dayton Daily News in Ohio.

Cox hired Citigroup to help sell the newspapers and Goldman Sachs to help in the sale of Valpak.

The spokesman declined to say how much money Cox wants, and said the company hoped to close the transactions in the first quarter of 2009.

Reporting by Robert MacMillan; editing by Carol Bishopric