| ATLANTA,
June 15 /PRNewswire/ -- Cox Enterprises, Inc. announced today the completion of
its transaction with Providence Equity Partners, by which Providence now owns
a 25-percent equity interest in Cox's AutoTrader.com subsidiary. The finalized
agreement, first announced on May 5, provides Cox with access to additional investment
capital and expertise to accelerate AutoTrader.com's growth. Cox
maintains majority ownership and day-to-day operating control of AutoTrader.com.
As part of the transaction, Providence gains two seats on AutoTrader.com's Board
of Directors. Goldman,
Sachs & Co. advised Cox in this transaction. About
Cox Enterprises Cox
Enterprises is a leading communications, media and automotive services company.
With revenues of nearly $15 billion and more than 66,000 employees, the company's
major operating subsidiaries include Cox Communications, Inc. (cable television
distribution, telephone, high-speed Internet access, commercial telecommunications
and advertising solutions); Manheim, Inc. (vehicle auctions, repair and certification
services and web-based technology products); Cox Media Group, Inc. (television
stations, digital media, newspapers, advertising sales rep firms, Valpak and Cox
Radio, Inc.); and AutoTrader.com (online automotive advertising and related publications).
Additionally, Cox's Internet operations include Kudzu.com and Adify Corporation,
a unit of Cox TMI, Inc. About
AutoTrader.com AutoTrader.com,
created in 1997 and headquartered in Atlanta, Ga., is the Internet's leading automotive
marketplace and consumer information website.
AutoTrader.com aggregates in
a single location millions of new cars, used cars and certified pre-owned cars
from thousands of auto dealers and private sellers.
AutoTrader.com attracts
more than 15 million unique monthly visitors who utilize the site to view vehicles
for sale, research and compare vehicles, review pricing and specials, and read
auto-related content like buying and selling tips, auto maintenance tips and coverage
of major auto shows and automotive trends. Through innovative merchandising functionality
such as multiple photos, videos, detailed descriptions and comprehensive research
and compare tools, AutoTrader.com unites new and used car buyers and sellers online
to improve the way people research, locate and advertise vehicles. AutoTrader.com
is a majority-owned subsidiary of Cox Enterprises. The venture capital firm Kleiner
Perkins Caufield & Byers and the private equity firm Providence Equity Partners
are also investors. For more information, please visit www.autotrader.com. About
Providence Equity Partners Providence
Equity Partners is the leading global private equity firm specializing in equity
investments in media, entertainment, communications and information services companies
around the world. The principals of Providence manage funds with over $22 billion
in equity commitments and have invested in more than 100 companies operating in
over 20 countries since the firm's inception in 1989. Significant existing and
prior investments include Bresnan Broadband Holdings, Casema, Com Hem, Digiturk,
Education Management Corporation, eircom, Hulu, Idea Cellular, Kabel Deutschland,
NexTag, Ono, PanAmSat, ProSiebenSat.1, Recoletos, TDC, Univision, VoiceStream
Wireless, Warner Music Group, Western Wireless and Yankees Entertainment and Sports
Network. Providence is headquartered in Providence, RI (USA), and has offices
in New York, London, Los Angeles, Hong Kong and New Delhi. Visit www.provequity.com
for more information.
SOURCE
Cox Enterprises, Inc.
|
