Cox Enterprises Inc. and Cox Radio Inc.—two companies that own some of Atlanta’s flagship media outlets—are looking to make their conn
ections airtight. Cox Enterprises is offering to buy the remaining shares of Cox Radio that it doesn’t already own for about $69 million.
Cox Enterprises owns the rapidly shrinking Atlanta Journal-Constitution newspaper, while Cox Radio owns the Atlanta radio station WSB-AM. Although the two Cox companies are Atlanta institutions, they’re being advised by a cluster of attorneys in the nation’s capital.
Cox Enterprises is taking counsel from two attorneys at its longtime law firm: Dow Lohnes partners Stuart Sheldon and Thomas Twedt in Washington. Meanwhile, eight attorneys from DLA Piper’s Washington office are advising a two-person special independent committee of Cox Radio’s board of directors. The DLA Piper team is led by partner Jay Tannon.
The two Cox companies also own media properties outside Atlanta. Last year, Cox Enterprises put some of those properties up for sale, putting about 20 smaller newspapers on the auction block. Cox Enterprises also owns TV stations, like WSB in Atlanta; cable-television company Cox Communications; and automobile auctioneer Manheim.
Reflecting the broad financial problems in the U.S. newspaper industry, the Atlanta Journal-Constitution last week announced last month it planned to cut 90 jobs from the newsroom.