Atlanta -- Cox Enterprises, the large Atlanta-based media company, announced on Wednesday that it plans to sell the Austin American-Statesman newspaper, its affiliated operations including Austin360.com, and all of Cox's stand-alone community newspapers in North Carolina, Colorado and Texas.

Cox also intends to sell Valpak, a direct mail advertising unit. Cox said it will retain ownership of The Atlanta Journal-Constitution, The Palm Beach Post, Dayton Daily News and their affiliated publications.

"This decision was made as part of an ongoing strategic review of our portfolio and enables us to maintain our strong and stable financial performance by further paying down debt," said Jim Kennedy, chairman and CEO of Cox Enterprises.

The company said about 80% of its revenues now come from sources other than its traditional advertising-supported media companies, such as newspapers, television and radio.

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