Cox Buys Adify As a Hedge

Cox Enterprises is spending $300 million to buy online ad network Adify, as both a hedge against the death of classified ads and a way to delve deeper into Internet advertising. As far as bargains go, this one could be a good one for Adify’s investors, who have plowed $27 million into the do-it-yourself ad network. It’s also an acquisition that gets Cox into targeted Internet advertising beyond its previous partnership with Yahoo, which is limited to offering local news to Yahoo in exchange for placing newspaper help wanted ads on Yahoo’s HotJobs property.