Cox considers sale of systems

Cable co. sells to reduce its debt

Cox Communications, the third- largest U.S. cable television operator, may sell four cable systems to reduce debt after spending $8.5 billion to take the company private.

Cox, controlled by Cox Enterprises, is considering the sale of cable systems in North Carolina, west Texas and Humboldt County, the Atlanta-based company said Monday. Cox also may sell a fourth system that serves Texas, Louisiana, Arkansas, Oklahoma, Mississippi and Missouri. The four systems have 900,000 subscribers.

“We had to look at different options for how we can reduce our debt since the privatization of our company,” said spokesman Bobby Amirshahi. “We spent $8.5 billion on stock buybacks to privatize the company. Having that new debt is the No. 1 reason to do this.”

Cox, which was taken private in December, retained Citigroup Global Markets, Lehman Brothers and JPMorgan Securities as advisers on the sale.

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0

Leave a Reply

No Comments

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More Scene News from Variety