Cox Enterprises Inc., an old media company which owns television stations and newspaper bought a New Media company startup today for $300 million, in a all cash deal.

Cox bought Adify Corp.,whose technology platform helps Web sites more successfully sell higher priced ads targeted to specific audiences, such as parents or travel enthusiasts, keeping brand name advertisers from going to Google or Yahoo.

Adify already runs several ad networks, including a lifestyles network for Martha Stewart Living Omnimedia Inc. and a network of hundreds of independent financial blogs assembled by the online unit of Forbes.

“We’re absolutely convinced at Cox that online revenue is continuing to grow,” John Dyer, Cox executive vice president for finance, told The Associated Press.

Its always good too see old media embracing new media, especially when they open their checkbooks to make acquisitions.