Deal Reached to Buy Out Cox for $8.5 Billion

Media conglomerate Cox Enterprises Inc. struck a deal to buy out the public shares of Cox Communications Inc., one of the nation’s largest cable television providers, for about $8.5 billion.

The offer, at $34.75 a share, represents an 8.6% premium over Cox Enterprises’ August offer of $32 a share.

Cox Enterprises, controlled by the Cox family, owns all but 38% of Cox Communications. Cox Enterprises said the next step would be a tender offer followed by a merger of the Atlanta-based companies. The deal is expected to close in December.