News Corp. to sell 8 TV stations for $1.1 billion
Business Law
News Corp., the media company controlled by Rupert Murdoch, will sell eight of its Fox network-affiliated television stations in the U.S. to Oak Hill Capital Partners for about $1.1 billion in cash.
The sale in small markets will leave News Corp. with 27 stations in major markets including New York, Boston and Los Angeles.
The media conglomerate, which owns the New York Post, a controlling stake in BSkyB satellite TV service, and 20th Century Fox movie studio, recently closed a $5.6 billion deal to buy the Wall Street Journal publisher, Dow Jones.
The sale will probably be completed in the third quarter, News Corp. said in a statement Saturday. The purchase will help Oak Hill, the buyout firm founded two years ago by Robert Bass, a Texas oil billionaire, create a broader U.S. network. In May it paid $575 million to acquire stations in Oklahoma, Pennsylvania, Iowa and Arkansas from The New York Times Co.
"It is part of News Corp.'s strategic decision to shed low-growth, noncore assets," said Richard Dorfman, managing director of the investment firm Richard Alan.
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