ATLANTA, July 16, 2009 - Cox Enterprises, Inc. announced today it has reached a definitive agreement to sell the Waco (TX) Tribune-Herald to Robinson Media Company, LLC. The transaction is expected to close in the upcoming weeks.
Dirks, Van Essen & Murray, a newspaper merger-and-acquisition firm in Santa Fe, New Mexico, acted as an advisor to Cox Enterprises in the transaction.
“The Waco Tribune-Herald and its employees have made significant contributions to our company,” said Doug Franklin, executive vice president, Cox Newspapers. “Under Robinson Media Company’s ownership, the Tribune-Herald will continue to excel in journalism and serving advertisers, as well as remain an integral part of the community.”
The Robinson Media Company is led by civic leader and businessman Clifton Robinson. He grew up in Waco and graduated from Baylor University. Mr. Robinson spent 50 years in the insurance business and recently sold National Lloyds Insurance Company, which he founded in 1964, for $117.5 million.
“I’ve spent my life in Waco and recognize the importance of the Waco Tribune-Herald,” said Clifton Robinson, chairman and CEO of Robinson Media Company. “The paper is vital to this community, and I’m thrilled to be part of such an important organization. I look forward to meeting and working with the employees who make the paper the success it is today and will continue to be in the future.”
It is anticipated that virtually all employees will be retained under the new ownership. Belinda Gaudet, current publisher of the Tribune-Herald, will be retiring, and Dan Savage will serve as the interim publisher. The Tribune-Herald, a Pulitzer Prize finalist in 1994 for its investigative reporting, dates back to the 19th century.
Terms of the agreement were not disclosed.
If you have further questions contact Dirks, Van Essen & Murray at 505-820-2700.
Cox Enterprises is a leading communications, media and automotive services company. With revenues exceeding $15 billion and more than 77,000 employees, the company’s major operating subsidiaries include Cox Communications, Inc. (cable television distribution, telephone, high-speed Internet access, commercial telecommunications, advertising solutions and the Travel Channel); Manheim, Inc. (vehicle auctions, repair and certification services and web-based technology products); Cox Media Group, Inc. (television stations, digital media, newspapers, advertising sales rep firms and Cox Radio, Inc.); and AutoTrader.com (online automotive classifieds and related publications). Additionally, Cox’s Internet operations include Kudzu.com and Adify Corporation, a unit of Cox TMI, Inc.