Cox Media Group Puts TV Stations On the Block

Cox Media Group announced Tuesday that it is evaluating its ownership of 14 local news stations around the country, saying the move will likely result in the company losing full control over the stations.

Cox president Kim Guthrie said in a statement provided to The Hill that the company is pursuing "strategic options for its ownership or other interest" for the 14 stations located in major media markets including Seattle, Boston, Charlotte and Orlando.

"It's important you know that this decision was not taken lightly by the company or the Cox family," Guthrie wrote, adding that the company will be "thoughtful in our evaluation of possible partners and the impact these changes will have on our people."

"Our analysis shows that scale is critical to be successful. We firmly believe that our great stations — and talented people — will need to be part of a larger entity to thrive in the future," she added.

Kim Guthrie

Guthrie's statement went on to note that the process of selling off part or full control of the stations will likely take six months to a year to complete.

Cox Media Group's decision to review its ownership of the stations comes as its larger competitor, Sinclair Broadcasting Group, has sought to win regulatory approval for its proposed $3.9 billion merger with Tribune Media.

It's unclear whether Cox already has a buyer in mind for the 14 stations it currently controls.

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,” the company said.

The company also owns The Atlanta Journal-Constitution, WSB radio, several other Atlanta radio stations and media properties in other markets.

Cox said it will continue to operate other parts of its media portfolio, and is investing in strategic priorities to foster growth within its existing businesses and in new growth areas.

“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.”

Tom's Take: Is Cox Radio next?