09.19.2006 08:00 AM
The New York Times Company to sell Broadcast Media Group
The New York Times Company announced Sept. 12 that it plans to sell its Broadcast Media Group, which includes nine network-affiliated TV stations and their related properties.
According to company president and CEO Janet Robinson, the sale will allow the company to further develop its newspaper and digital properties, and the relationship between them.
The stations comprising the Broadcast Media Group are:
- 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); and
- WNEP-TV in Scranton, PA (ABC).
Last year, the Broadcast Media Group accounted for about 4 percent of the company's total revenues. In 2006, the company expects the group will have revenues of about $150 million and an operating profit of about $33 million. Depreciation and amortization is expected to be about $10 million for the year.