Valpak to Remain Part of Cox Enterprises
ATLANTA—Dec. 10, 2009—Cox Enterprises, Inc. today announced that it is no longer exploring a sale of Largo, FL-based Valpak, operated by Cox Target Media. Cox had announced plans to sell Valpak in August 2008.
Since the company's streamlining efforts began over a year ago, Valpak has aggressively entered new forms of media, and Cox believes Valpak has a promising future as it continues to generate new sources of revenue and drive greater profitability.
"Cox is pleased with Valpak's performance and Greg Bicket's leadership," said John Dyer, executive vice president and CFO, Cox Enterprises. "Valpak has strengthened its core business and identified new ways to generate revenue and increase exposure for its clients. And, in a year of economic uncertainty, Valpak provides great cost savings for consumers."
As consumers and businesses increasingly embrace online and mobile channels, Valpak is creating digital products to meet their needs. The company enriched Valpak.com, optimized the Website for mobile phones and released an app for the iPhone that makes it easy to access savings on-the-go. The company also has benefited from partnering with other Cox companies such as Kudzu.com and Cox Media Group. Through the Kudzu.com partnership, consumers searching for savings on the Valpak.com site can view customer reviews and ratings for many local service providers. The ratings enable businesses to provide their credentials and interact directly with customers.
"This is tremendous news for the people of Valpak," said Greg Bicket, president of Cox Target Media. "Valpak has had an outstanding year as we focused on operational excellence and driving product innovations that fit the new marketplace so dramatically changed by economic conditions. Remaining part of the Cox family of companies will ensure we continue to build on that forward momentum."
Cox is committed to making a difference in the communities it serves, as well as being an environmental steward. In 2009, Valpak excelled in both areas. Valpak was named Tampa Bay's 2009 Philanthropic Corporation of the Year by the Suncoast Chapter of the Association of Fundraising Professionals, and the company was awarded certification under the three leading environmental programs: Sustainable Forestry Initiative (SFI), Programme for the Endorsement of Forest Certification (PEFC) and the Forest Stewardship Council (FSC).
About Cox Enterprises
Cox Enterprises is a leading communications, media and automotive services company. With revenues exceeding $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, advertising solutions and Travel Channel); 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 and Cox Radio, Inc.); and AutoTrader.com (online automotive classifieds and related publications). Additionally, Cox's other Internet operations include Kudzu.com and Adify Corporation, a unit of Cox TMI, Inc.