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New York Times Puts TV Stations Up for Sale

Sep 12, 2006  •  Post A Comment

The New York Times Co. today said it wants to sell off its TV stations to focus on newspapers and Web businesses.

The stations being offered up include WHO-TV, Des Moines, Iowa, an NBC station; KFSM-TV, Ft. Smith, Ark. (CBS); WHNT-TV, Huntsville, Ala. (CBS); WREG-TV, Memphis, Tenn. (CBS); WQAD-TV, Moline, Ill. (ABC); WTKR-TV, Norfolk, Va. (CBS); KFOR-TV, Oklahoma City, Okla. (NBC); KAUT-TV, Oklahoma City, Okla. (MyNetworkTV); and WNEP-TV in Scranton, Penn. (ABC).

The stations provide about 4 percent of the company’s revenue, New York Times Co. President-CEO Janet L. Robinson said Tuesday in a statement. The decision to sell was a result of “an ongoing analysis of our business portfolio,” she said.

New York Times hired Goldman, Sachs and Co. to advise it on the sale.

“These are well-managed and profitable stations that generate substantial cash flows and are located in attractive markets,” Ms. Robinson said in the statement. “We believe a divestiture would allow us to sharpen our focus on developing our newspaper and rapidly growing digital businesses.”

The stations are going on the block as the Federal Communications Commission moves to revise media ownership rules in ways that could make it easier for owners of other local media properties to buy TV stations.