New York Times TV stations change ownership
May 14, 2007 8:00 AM
The New York Times has closed the $575 million sale to Oak Hill Capital Partners of nine network-affiliated television stations.
The deal also includes the station’s associated Web sites and the Times’ Broadcast Media Group Digital Operating Center.
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, OK (NBC); KAUT-TV in Oklahoma City, OK (MyNetworkTV); and WNEP-TV in Scranton, PN (ABC).
Janet L. Robinson, president and CEO of The New York Times Company, said the reason for eliminating the broadcast properties was to refocus the company toward digital initiatives involving the Internet.
Oak Hill Capital Partners is a private equity firm with more than $4.6 billion of committed capital. Robert M. Bass is the lead investor.
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