Cox Enterprises Inc and Landmark Communications are expected to announce on Friday they will dissolve their classified advertisement publishing venture, Trader Publishing Co, and split up its assets, the Wall Street Journal said.
The venture between privately held Landmark and Cox Enterprises - the parent of Cox Communications and Cox Radio Inc - had revenue of $1.3 billion in 2005.
Cox will retain the venture's auto-related titles - including Auto Trader, Auto Mart and Truck Trader - which deliver about a third of the venture's revenue, the report said. The resulting Cox-owned company will be called Cox Auto Trader. Landmark will retain 443 publications and 38 Web sites, including Employment Guide and RV Trader, and fold them into a new entity called Dominion Enterprises, the Journal said.
Trader Publishing Co's 11 regional printing plants and transportation facilities will become an independent company, owned equally by Landmark and Cox, the report said.
The new companies are expected to be formed by the end of June and to be based in Norfolk, Virginia, where Trader Publishing Co is now located.
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