Cox Enterprises and Landmark Communications Announce Division of Partnership Assets in Trader Publishing Company

Cox Enterprises and Landmark Communications Announce Division of Partnership Assets in Trader Publishing Company

Cox To Control Automobile-related Publications and Websites, Paid Distribution Systems and Further Interest in AutoTrader.com

ATLANTA, March 17 /PRNewswire-FirstCall/ -- Cox Enterprises, Inc. and Landmark Communications, Inc. today announced they have agreed to a division of assets of their 50/50 partnership in Trader Publishing Company, the nation's leading producer of specialty title classified advertising publications.

The agreement calls for Cox to assume control of Trader Publishing's automobile-related publications, which include 341 automobile and light truck titles including the nationally known Auto Trader, Auto Mart and Truck Trader with a combined total circulation of 3.5 million per week. In addition, Cox will control the publication's companion websites including AutoMart.com and AutoExtra.com which together garner 4.2 million unique visitors per month. Cox also will become the owner of Trader's offices for these publications and will be responsible for managing the distribution system for Trader's paid publications. Landmark also will transfer to Cox its 26% interest in AutoTrader.com increasing Cox's ownership to 87.9%. AutoTrader.com is the Internet's leading auto classifieds marketplace and consumer information website, aggregating in a single location more than 2.8 million vehicle listings from 40,000 dealers and 250,000 private owners. AutoTrader.com provides the largest selection of vehicles and attracts more than 11 million qualified buyers each month.

Landmark will assume control of Trader's non-automotive publications and websites including Cycle Trader, Boat Trader, RV Trader, Trader's real estate and employment classifieds publications including For Rent Magazine, Harmon Homes, Employment Guide and their companion websites, Dealer Specialties and Trader's automotive web services group. Landmark will be responsible for managing the distribution system for Trader's free publications.

A new company, equally owned by Cox and Landmark, will be formed to operate Trader's printing plants. In addition to sharing production capabilities, Cox and Landmark will work together on distribution, with Cox helping Landmark distribute its paid publications and Landmark helping Cox distribute its free publications.

"With the addition of the Trader publications to our existing AutoTrader.com and Manheim businesses, we have powerful synergy in the automotive sector," said James C. Kennedy, chairman and chief executive officer of Cox Enterprises. "Together these businesses will develop new and valuable services for our automotive customers, including potential collaborations with other Cox businesses like newspapers, television, radio and cable."

Cox's ownership stake in Trader Publishing, which will be called Auto Trader Publishing, and AutoTrader.com will become part of a new entity called Cox Auto Trader which will be headed by Cox veteran Sanford Schwartz.

"The addition of these publications solidifies our position in the retail automotive sector and helps us leverage and build on our overall automotive strategy," said Jimmy Hayes, president and chief operating officer of Cox Enterprises. "We're excited about the prospect of aggressively growing Cox Auto Trader and are extremely confident that Sandy is just the person to lead our charge."

There are also significant synergies between the retail activities of Cox Auto Trader and the wholesale business of Manheim, which operates the largest wholesale marketplace for used cars in the world. For car sellers, these two entities will continue to pursue the opportunities for offering more integrated marketing and advertising, inventory management, inspections, and live and electronic selling venues. Likewise, for car buyers, these two partners will expand on what is already the largest single source of cars for sale in the United States, searchable by make, model, year, and many other attributes.

"All of us at Cox are proud and honored to welcome and to begin work with the more than 4,000 Trader employees whose tremendous dedication and exceptional performance have fueled the extraordinary growth of Trader. This truly has been a unique company," said Schwartz, president of Cox Auto Trader. "As these talented people join the Cox family of businesses we all will work closely to achieve the synergies and partnerships among Cox Auto Trader, AutoTrader.com and Manheim. We also understand the unique qualities of the print and online sides of the Auto Trader businesses and will continue to operate them as separate companies so that we can best serve the individual needs of our customers."

Cox and Landmark are working diligently to complete the transaction as soon as possible. Lehman Brothers Inc. served as Cox Enterprises' exclusive financial advisor on this transaction.

Cox Enterprises, Inc. (www.coxenterprises.com)

Cox Enterprises is one of the nation's leading media companies and providers of automotive services, with 2004 revenues of $11.6 billion and 77,000 employees. Major operating subsidiaries include Cox Communications, Inc. (cable television distribution, telephone, high-speed Internet access and other advanced broadband services); Cox Newspapers, Inc. (newspapers, local and national direct mail advertising and customized newsletters); Cox Television (television and television sales rep firms); Cox Radio, Inc. (NYSE:CXR) broadcast radio stations and interactive Web sites); and Manheim Auctions, Inc. (vehicle auctions, repair and certification services and web- based technology products). Cox Enterprises also owns a controlling stake in AutoTrader.com, the world's largest and most visited online source of vehicle listings for dealers and consumers.

Source: Cox Enterprises, Inc.

CONTACT: Bob Jimenez of Cox Enterprises, +1-678-645-0070, or
bob.jimenez@coxinc.com; or Louise Barr of AutoTrader.com, +1-404-568-5943,
or louise.barr@autotrader.com

web site: http://www.coxenterprises.com/

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