By: E&P Staff
The New York Times Co. has agreed to sell its Broadcast Media Group to private equity firm Oak Hill Capital Partners for $575 million. The deal is expected to close in the first half of 2007.
“These are strong, well-situated stations with very talented employees,” said Janet Robinson, president and CEO of the New York Times Co., in a statement. “Over the years they have provided their communities with high-quality programming and have contributed significantly to our financial performance. We believe, however, that our focus now should be on the development of our newspapers and our rapidly growing digital businesses and the increasing synergies between them.”
Nine TV stations, their affiliated Web sites, and the Digital Operating Center make up the group: WHO-TV in Des Moines, Iowa; KFSM-TV in Ft. Smith, Ark.; WHNT-TV in Huntsville, Ala.; WREG-TV in Memphis, Tenn.; WQAD-TV in Moline, Ill.; WTKR-TV in Norfolk, Va.; KFOR-TV in Oklahoma City, Okla.; KAUT-TV in Oklahoma City, Okla.; and WNEP-TV in Scranton, Penn.
“The New York Times Co. Broadcast Media Group is one of the industry’s most admired franchises because of its heritage television stations, its commitment to quality news and serving the local community, and its outstanding employees,” said J. Taylor Crandall, a managing partner of Oak Hill Capital Partners, in a statement. “We look forward to maintaining the standard of excellence that The New York Times Company has achieved over the last 30 years.”
Robert M. Bass has been Oak Hill Capital Partners lead investor for over 20 years.