Cox Enterprises to Sell Longview News-Journal and The Marshall News Messenger to ASP Westward, L.P.
ATLANTA, September 30, 2009 - Cox Enterprises, Inc. announced today it has reached a definitive agreement to sell two of its Texas newspapers, the Longview News-Journal (Longview) and The Marshall News Messenger (Marshall and Harrison County), to ASP Westward, L.P. The transaction is expected to close in the upcoming weeks. Terms of the deal were not disclosed.
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 Longview News-Journal and The Marshall News Messenger have been an important part of Cox Enterprises, and we are proud of the dedication both newspapers' employees have shown throughout the sales process," said Doug Franklin, executive vice president, Cox Media Group. "We are confident that ASP Westward will maintain the tradition of journalistic excellence that both newspapers have consistently demonstrated through the years."
Gary Borders will remain the publisher of the Longview News-Journal, and Phil Latham will continue as publisher of The Marshall News Messenger. Both companies anticipate that all employees will be retained under the new ownership.
"We are excited to begin working with the employees at the Longview News-Journal and The Marshall News Messenger, whose hard work and talent have helped both papers preserve the loyalty of readers in their respective communities," said Tom Stamper, vice president of operations, acting CEO, ASP Westward. "We are dedicated to providing readers the same high-quality service and reporting that they have experienced from both of these fine publications."
Following the sale of the Longview News-Journal and The Marshall News Messenger, Cox will have completed its newspaper sale process. Cox will continue to own and operate The Atlanta Journal-Constitution, Austin American-Statesman, The Palm Beach Post, Dayton Daily News, Hamilton JournalNews, The Middletown Journal and Springfield News-Sun, as well as more than a dozen non-daily papers associated with these publications.
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 66,000 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.
ASP Westward, L.P.
ASP Westward, L.P. is a leading publisher of community newspapers serving two of the most affluent, high-growth suburban media markets in the United States- Houston, Texas and Denver, Colorado-and also several rural communities in East Texas. A privately-held company owned by American Securities, a private equity firm based in New York., ASP Westward has an award-winning group of 60 weekly and daily papers that reach approximately 800,000 households.