Media Blog

Cox and N.Y. Times Co. Selling Properties

Cox is unloading newspapers and looking to sell part of the Travel Channel:

Cox Enterprises, the Atlanta-based diversified media company, has sold off three of its newspapers: Waco Tribune-Herald to Robinson Media Company and The Daily Sentinel and The Nickel (Grand Junction, Colo.) to Grand Junction Media, which is owned by Seaton Publishing Co.

This comes as Cox Communications, a subsidiary of parent Cox, is looking to sell off a majority in Travel Channel. The company has hired Goldman Sachs to manage the sale process, and stories say that the sale could reach as much as $600 million to $1 billion. Scripps Networks Interactive (NYSE: SNI) is a front runner in the process (and a great fit considering its other lifestyle cable channels), says FT, with Time Warner (NYSE: TWX) being another interested party.

And the New York Times Co. is unloading its classical-music station:

Media company The New York Times Company (NYSE:NYT) … has entered into an agreement with subsidiaries of Univision Radio Inc and with WNYC Radio to sell New York City classical music radio station WQXR-FM for a total of USD45m.

And USA Today’s publisher made $70 million in the last quarter — not too shabby:

McLean-based Gannett — the nation’s largest publisher of newspapers, including USA Today — said yesterday that it posted a $70.5 million profit in the second quarter, compared with a loss last year, despite a continue slide in advertising revenue.

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