Business News
Cox Enterprises to Sell North Carolina Newspapers to Cooke Communications, LLC
Tuesday 21. July 2009 - Cox Enterprises, Inc. announced today it has reached a definitive agreement to sell three of its North Carolina newspapers - The Daily Reflector (Greenville), Rocky Mount Telegram and The Daily Advance (Elizabeth City) - and ten weekly newspapers in eastern North Carolina to Cooke Communications, LLC, a privately-held family company headed by John Kent Cooke. The transaction is expected to close in the upcoming weeks.
The weekly publications include the Beaufort-Hyde News (Bellhaven), Bertie-Ledger Advance (Windsor), The Chowan Herald (Edenton), Duplin Times (Kenansville), The Enterprise (Williamston), Farmville Enterprise, Perquimans Weekly (Elizabeth City), Standard Laconic (Snow Hill), Times-Leader (Ayden-Grifton) and Weekly Herald (Robersonville).
“These papers provide a valuable service to many communities across North Carolina,” said Doug Franklin, executive vice president, Cox Newspapers. “Cox Enterprises began as a family-owned newspaper, and we’re confident that the Cooke family will be excellent owners of these papers and continue to foster a strong commitment to the community and advertisers.”
“We will continue the strong tradition of family-owned independent newspapers serving these communities of eastern North Carolina,” said John Kent Cooke. “We look forward to working with the talented staffs at these newspapers to continue to provide timely, accurate local news that matters to readers’ lives.”
Cooke’s eldest son, John Kent Cooke Jr., will move to the Greenville area to become president of Cooke Communications North Carolina and publisher of The Daily Reflector. It is anticipated that virtually all employees will be retained under the new ownership.
As announced in 2008, Cox Enterprises continues to market for sale its newspapers in Texas. Cox recently sold The Lufkin Daily News and The Daily Sentinel (Nacogdoches, Texas), and the company plans to complete its sale of the Waco Tribune-Herald, as well as The Daily Sentinel and The Nickel (Grand Junction, Colo.) in the upcoming weeks. Citigroup and Dirks, Van Essen & Murray have been retained to assist Cox Enterprises with the marketing of these assets.