Cox Communications is a cable and telecommunications company that is based in the United States of America with its operation in over 18 states with over 6 million customers. But who exactly stands behind this major telecommunications company?
Cox Communications has undergone several changes in its ownership over the years.
Cox Communications was established in 1962 by James M. Cox, who was a former governor of Ohio and the founder of Cox Enterprises. Dayton Daily News newspaper and WHIO radio station in Dayton, Ohio is how Cox constructed his media and communications empire in the early part of the twentieth century.
Cox also moved into the media industry in 1962 by establishing Cox Cable Communications to offer cable television. By the 1990s Cox Communications had grown through its acquisitions and expansions and has become the third largest cable company in the United States.
In 2000, Cox Communications went public as a subsidiary of Cox Enterprises through the offering of a minority stake in the company via an initial public offering (IPO). This was helpful because it enabled Cox to invest the capital received from investors towards the expansion of its cable and internet services across the country through acquisitions.
Current Ownership Structure
Today Cox Communications is still a Cox Enterprise company still retained as a family-owned business and is not dominated by Wall Street.
Currently, James C. Kennedy, the grandson of James M. Cox, serves as the Chairman of Cox Enterprises; therefore, he owns Cox Communications as well. Kennedy holds a significant amount of personal share in Cox Enterprises and manages nearly $20 billion of the total operating revenues for the entire Cox organization.
Other members of the Cox family such as Kennedy’s mother Barbara Cox Anthony continue to own shares and sit on the board of Cox Enterprises. In total, James C Kennedy and other members of the Cox family continue to own the majority of the parent company, Cox Enterprises.
Cox Communications is headed by a President and Chief Executive Officer, Mark Greatrex, who is in charge of the day-to-day running of the company. However, when it comes to the strategic direction and governance of Cox Communications, this report will show that it reports to the Cox Enterprises level, while the Cox family retains complete control over this division.
Even though 35% of Cox Communications floated in the market after the IPO in 1995, Cox Enterprises continues to majority own 65% of it. Thus, no outside shareholders or investors have been able to gain a significant level of ownership to impose their agenda on change in Cox Communications.
Future Ownership Scenarios
Cox Communications is a major player in the cable industry and there is no indication that the Cox family will relinquish their control or ownership of the cable provider shortly. The company still retains its value and cash-generating capacity for Cox Enterprises.
On the other hand, the Cox heirs may decide to sell part or all of their share in Cox Communications many years later. The case was evident in the 1995 partial IPO, where Cox Enterprises offered stock in their telecommunications unit to get a lot of capital for growth at that period.
However, for now, James C. Kennedy and the rest of the Cox family remain in control of Cox Enterprises and its subsidiary company, Cox Communications. The descendants of the company’s founder continue to enjoy the fruits of what was once a newspaper and radio business mogul James M. Cox started in the early 20th century. And their multi-billion dollar telecommunications business does not seem to be going out of family control any time soon based on the sort of performance they are registering.
In conclusion, Cox Communications today as a company with infrastructures across the American regions offering cable TV, internet, and phone services to millions of people remains a family-owned business. James C. Kennedy and the heirs of founder James M. Cox are the key shareholders of Cox Communications a company that operates under the Cox Enterprises brand.
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