Cox Enterprises to acquire three Ohio newspapers
Cox Enterprises announced on Monday that it has bought three Ohio newspapers, including the Dayton Daily News which it had earlier agreed to see as part of a deal to sell the company’s television stations, reports AJC.
“Dayton, Ohio, is a big part of the Cox DNA. It’s where our family is from and where our company was founded,” Alex Taylor, president and CEO of Cox Enterprises, said in a news release. “So, it is with great excitement that we continue publishing these papers as we have for more than 100 years.”
Last year in Feb., Cox Enterprises said that it would sell a majority stake in its 14 television stations and the Ohio newspapers to an affiliate of Apollo Global Management. According to the deal, Cox was to retain a minority stake in the new company, Cox Media Group.
But after the sale, a federal ruling threatened to put an end to the papers’ ability to publish daily print editions. With this new deal, the problem caused by the court ruling is solved.
Sonji Jacobs, a spokeswoman for Cox Enterprises said, “Cox is dedicated to fight for and the preservation of the freedom of the press. We plan to operate the papers for the foreseeable future.”
The terms of the agreement have not been disclosed but the deal is expected to close in the coming weeks.