News Corp. Agrees to Sell 8 TV Stations for $1.1 Billion
Sunday, December 23, 2007
News Corp., the media company controlled by Rupert Murdoch, agreed to sell eight of its Fox network-affiliated television stations in the United States to Oak Hill Capital Partners for about $1.1 billion in cash.
The sale probably will be completed in the third quarter, New York-based News Corp. said in a statement yesterday. The transaction leaves Fox with 27 owned-and-operated stations, the company said. Oak Hill will add the stations to nine others it owns in eight midsize markets, according to its Web site.
"It is part of News Corp.'s strategic decision to shed low-growth, non-core assets," said Richard Dorfman, managing director of New York-based investment firm Richard Alan Inc., who doesn't own any shares. "News Corp.'s focus today is much more on Internet properties, such as MySpace, and cable."
The stations are WJW in Cleveland; KDVR in Denver; KTVI in St. Louis; WDAF in Kansas City, Mo. ; WITI in Milwaukee; KSTU in Salt Lake City; WBRC in Birmingham; and WGHP in Greensboro, N.C., News Corp. spokeswoman Teri Everett said.