Cox Enterprises Explores Strategic Options for Cox Media Group's Television Stations

ATLANTA, July 24, 2018 /PRNewswire/ -- Cox Enterprises, Inc. announced today that it is exploring strategic options for its ownership or other interest in 14 broadcast television stations, including partnering or merging these stations into a larger TV company.

"We didn't take this decision lightly. It is clear that scale is critical for TV affiliates to be positioned well for the future. Our stations are some of the best in the industry and we want them to stay that way," said Alex Taylor, president and chief executive officer of Cox Enterprises.

The 14 stations in nine states are part of Cox Media Group, Cox Enterprises' integrated broadcasting, publishing and digital media company, and reach more than 31 million viewers in their markets. These stations have been established as leading news and information outlets and are cornerstones of the communities they serve. This in turn has driven strong financial performance, making the stations attractive assets in today's marketplace.

Cox Enterprises has no immediate plans for the other parts of the portfolio and will continue to operate our radio properties, The Atlanta Journal-Constitution, The Dayton Daily News and their affiliated publications and websites, as well as its other businesses Cox Reps, Gamut, Videa and Ideabar.

The company is investing in strategic priorities to foster growth within its existing businesses. In addition, Cox Enterprises is investing in new growth areas, including Cleantech and healthcare.

"Cox's television stations are and will always be an important part of our company's history, and we greatly value the contributions of these stations to the success of our company and to the communities where we do business," said Jim Kennedy, chairman of Cox Enterprises. "We are deeply appreciative of the employees at these stations and their dedication to delivering quality, consistent and trustworthy journalism."

The 14 stations are:

*CMG provides programming, sales and other operations services for WJAX.

About Cox Enterprises: (www.coxenterprises.com)

Cox Enterprises is a leading communications, media and automotive services company. With revenues over $20 billion and approximately 60,000 employees, the company's major operating subsidiaries include Cox Communications (cable television distribution, high-speed Internet access, telephone, home security and automation, commercial telecommunications and advertising solutions); Cox Automotive (automotive-related auctions, financial services, media and software solutions); and Cox Media Group (television and radio stations, digital media, newspapers and advertising sales rep firms). The company's major national brands include Autotrader, Kelley Blue Book and Manheim. Through Cox Automotive, the company's international operations stretch across Asia, Australia, Europe and Latin America. To learn more about Cox's commitment to people, sustainability and our communities, please visit www.CoxCSRReport.com.

Cox Media Group (www.coxmediagroup.com)

Cox Media Group is an integrated broadcasting, publishing and digital media company. The company's operations currently include 14 broadcast television stations and one local cable channel, more than 60 radio stations, four daily newspapers and more than 80 digital sites. Additionally, CMG operates the National Advertising Platform businesses of CoxReps — the country's biggest television rep firm — Gamut and Videa. The company also offers a full suite of local and regional advertising services through its Local Solutions and Ideabar businesses. CMG currently operates in more than 20 media markets and reaches approximately 52 million Americans weekly across all platforms, including more than 31 million TV viewers, more than two million newspaper readers and nearly 15 million radio listeners. For more information about Cox Media Group, please check us out online at www.coxmediagroup.com.

SOURCE Cox Enterprises

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