Shares of Cox Communications (Nasdaq: COX) gained 1-3/16 to 36-15/16 after CNET’s News.com reported that the media company is close to adding online auctions to its network of content sites. Cox Interactive Media is expected to soon announce an alliance with auction site Bidder’s Edge to offer auction services on Cox’s sites.
Cox’s network of sites include 30 local city sites, including the online homes of the Atlanta Journal-Constitution and Austin American-Statesman. The company also operates special sites such as baseball site Fastball. The expected alliance with Bidder’s Edge is just Cox’s latest e-commerce related move. The company has also recently announced an investment in online ticket retailer Tickets.com. Cox also has an equity stake in MP3.com. Cox and MP3.com are working to create a network of music-related sites.
Cox, which also counts broadband service as part of its portfolio, is quickly becoming a diverse Internet company. The company’s stock is trading at a price/earnings ratio of less than 10. It looks like there’s a lot of value here waiting to be unlocked.