Cox considers sale of TV properties
July 24, 2018
Cox Enterprises announced today that it is exploring strategic options for its ownership of its 14 television properties including long-time holding, WPXI (11). Options being sought are partnering or merging these stations with a larger company.
Cox President and CEO Alex Taylor said, “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.”
The 14 stations cover 9 states as part of Cox Media Group, the integrated broadcasting, publishing and digital media company. Combined they reach more than 31 million viewers.
There is no immediate plan for other parts of Cox’s portfolio and they plan to continue to operate their radio, newspaper, web-based publications and non-broadcast interests.
A lot of companies could be in play for the Cox stations, including WTAE parent Hearst. I could see Hearst making a play, with only three markets requiring divestitures. Of course, Pittsburgh would be one of them (along with Orlando and Boston), but Tegna could be a good fit for the divested stations.
It also wouldn’t surprise me if Sinclair makes a play for WPXI and sells off WPGH to Fox.
With all due respect Joseph, I am not surprised to see your comment. But, as always, I’m going to challenge it. It’s highly doubtful that Hearst would buy the Cox properties likely because why would Hearst buy where they already own? Sure WPXI has the better signal than WTAE, but that’s only in Pittsburgh. I think Cox is only interested in selling if they can sell the whole bunch together.
Sinclair? Possibly, but given their current attempt with Tribune… well, maybe if it fails. Again, Cox isn’t going to sell individually… that, of course, is if they indeed go through with this.