The Litter Box
~ Monday, March 07, 2005
FOR IMMEDIATE RELEASE MARCH 7, 2005COX COMMUNICATIONS ANNOUNCES POSSIBLE SALE OF CERTAIN CABLE ASSETS
ATLANTA – Cox Communications, Inc. today announced it is exploring a sale of four cable operations serving approximately 900,000 subscribers.
This is one of a number of strategic options being considered to reduce debt and accelerate growth. A successful sale would allow Cox Communications to focus resources on its remaining cable operations and on the rollout of new products and services.
Systems under consideration for sale include West Texas, serving the Lubbock, Midland, Amarillo, San Angelo and Abilene areas; North Carolina, serving the Greenville, Rocky Mount, New Bern and Kinston areas; Humboldt County, California; and much of Middle America Cox (MAC), primarily comprised of operations in Texas, Louisiana and Arkansas. MAC also includes certain systems in Oklahoma, Mississippi and Missouri. Excluded from the potential sale are some operations serving the Northwest Arkansas and Lafayette, Louisiana areas.
What does this mean for employees in these systems?
We have not identified a buyer and it is too early in the process to speculate on specific operational or human resources impact. However, new operators typically require the skills and experience of high-quality local market employees like Cox’s. In fact, the strength of Cox’s employees is one of the primary assets that would attract a buyer to these properties, and we expect there would be opportunities for most if not all to continue in their current roles with another company. For the good of our customers and for employees in the systems being considered for sale, we remain focused on business as usual and on being the best service provider in these markets.
posted by Nikki B at 5:41:00 PM