Cox Sells Texas Newspapers to ASP Westward

ASP Westward, a community newspaper publisher owned by American Securities, has agreed to acquire two Texas newspapers from Cox Enterprises Inc. No financial terms were disclosed. The papers are the Longview News-Journal (Longview) and The Marshall News Messenger (Marshall and Harrison County).

PRESS RELEASE

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.

“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. Citigroup and Dirks, Van Essen & Murray assisted Cox Enterprises in the marketing of these assets. 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.

About Cox Enterprises

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.

About 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.