Cox Communications to sell off its non-commmunicable business
Cox Communications will buy non-communicable businesses from its existing shareholders, according to people familiar with the matter.
The purchase, which could be completed as soon as this month, will focus on the company’s network equipment business, according the people, who spoke on condition of anonymity because they were not authorized to discuss the transaction publicly.
The Coxs new non-communication business will be focused on Coxs cable systems and related services, they said.
The sale of the non-Communicable businesses could reduce Cox’s exposure to the cable and phone companies, but it is unlikely to be enough to close the company down.
Coxs non-communications business, which includes its cable systems, would not be able to operate without Cox Communications, the people said.
Cox Communications Chief Executive Brian Cox said last month that he expected the company to “retire” by 2019.
He added that he was not considering any other acquisitions.
Crosby is known for his business acumen and he is considered one of the best negotiators in Washington.
But in his time at the company, Cox has been plagued by lawsuits that have cost him tens of millions of dollars in legal fees and settlements.
Corker has been criticized for what some have called a slow pace of the company resolving legal claims.