Cox to Buy DR’s TCA Cable Stake7/21/2004 6:09 AM Eastern
Cox Communications Inc. said in a Securities and Exchange Commission filing Wednesday that DR Partners, which owns a 25% stake in its TCA Cable Partners cable systems, has exercised its right to require Cox to buy out that interest.
According to the filing, DR Partners’ 25% of the partnership involves about 260,000 subscribers in the Southwest, mainly in Arkansas.
While the two parties will have to negotiate a price for DR’s interest, Cox said in the filing that it valued the 25% stake at about $185 million in March of this year.
DR Partners is the parent company of Donrey Media Group (now Stephens Media Group), a Las Vegas-based publishing company that owns newspapers in eight states, including its flagship Las Vegas Review-Journal and several daily and weekly newspapers in Arkansas.
Cox purchased TCA Cable TV Corp., with 883,000 customers, in 1999 for about $4 billion.