Funds to help pay for Cox's $11 bil spate of acquisitions
Cox Communications Inc. said Wednesday it will receive gross proceeds of about $3 billion from its sale of stock and notes, the largest public offering in the cable company’s history.The funds will help pay for Cox’s spate of acquisitions, including the purchase of TCA Cable as well as systems owned by AT&T Corp., Media General and Gannett. The company has spent about $11 billion on recent deals as it looks to grow in a rapidly consolidating industry. Merrill Lynch and Morgan Stanley Dean Witter led the sale. Separately, Cox and Nielsen Media announced a three-year agreement for Nielsen to provide local cable audience measurement services in 18 of Cox’s local markets across the country. Also, Cox Interactive Media, a sister company of Cox Communications, said Wednesday it upped Paul Dubsky to director of business operations. Both companies are owned by Cox Enterprises Inc. of Atlanta.