New York Times refocuses on digital media future
September 18, 2006
The New York Times Company announced last week that it planned to sell its nine TV stations. Though the stations are profitable, the company said it wanted to focus on its print newspapers and emerging digital media properties.
The company owns two stations in Oklahoma City and in seven others including Des Moines, IA; Ft. Smith, AR; Huntsville, AL; Memphis, TN; Moline, IL; Norfolk, VA; and Scranton, PA.
The Times company said that last year the TV stations accounted for about 4 percent of its total revenue. This year, it estimates revenue from the stations to be about $150 million and an operating profit of about $33 million.
Goldman Sachs was hired to advise on the sale. No sale price on the stations was announced.