The New York Times Company agrees to sell Broadcast Media Group
January 5, 2007
The New York Times Company announced Jan. 4 that it agreed to sell its Broadcast Media Group, consisting of nine network-affiliated TV stations, their associated Web sites and its Digital Operating Center, to Oak Hill Capital Partners for $575 million.
The stations include:
- WHO-TV in Des Moines, IA (NBC);
- KFSM-TV in Ft. Smith, AR (CBS);
- WHNT-TV in Huntsville, AL (CBS);
- WREG-TV in Memphis, TN (CBS);
- WQAD-TV in Moline, IL (ABC);
- WTKR-TV in Norfolk, VA (CBS);
- KFOR-TV in Oklahoma City (NBC);
- KAUT-TV in Oklahoma City (MyNetworkTV);
- WNEP-TV in Scranton, PA (ABC).
The transaction is subject to regulatory approvals and is expected to close in the first half of this year.
In a statement announcing the deal, Janet Robinson, president and CEO of The New York Times Company, said the company would focus on developing its newspapers, digital businesses and "the increasing synergies between them."