The New York Times Co. has sold its broadcast division,
including nine television stations, for $575 million
to private equity firm Oak Hill Capital Partners, saying
it would concentrate on its newspaper business.
deal includes affiliates of the ABC, NBC and CBS networks
in Iowa, Arkansas, Alabama, Tennessee, Illinois, Virginia,
Pennsylvania and two in Oklahoma.
other newspapers, New York Times Co is also seeing a
downturn in its revenues with depressed advertising
and circulation, and has sought to cut costs while building
its internet business.
last year, the group said its revenues from internet-related
businesses, including About.com and NYTimes.com, could
grow by 30 per cent in 2007.
York Times Co. chief executive Janet Robinson said in
a statement that the sale would allow the media company
to focus on
the "development of our newspapers and our rapidly
growing digital businesses."
group said it expects to be complete the sale of its
broadcast media in the first half of 2007.