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New York Times Sells TV Stations

Jan 4, 2007  •  Post A Comment

The New York Times Co. agreed to sell its Broadcast Media Group to Oak Hill Capital Partners for $575 million.

The transaction, announced late Thursday afternoon, is expected to close in the first half of the year. It consists of nine network-affiliated television stations, their Web sites and the group’s digital operating center.

“These are strong, well-situated stations with very talented employees,” Janet L. Robinson, president and CEO of The New York Times Co. said 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.”

Oak Hill Capital Partners is a private equity firm with more than $4.6 billion of committed capital from leading entrepreneurs, endowments, foundations, corporations, pension funds and global financial institutions. Robert M. Bass, a philanthropist, businessman and scion of the Texas oil Bass family, is its lead investor.

Goldman, Sachs & Co. acted as financial advisor, and Morgan, Lewis & Bockius LLP and Covington & Burling LLP acted as legal advisors to The New York Times Company. UBS Investment Bank acted as financial advisor and Dow Lohnes PLLC acted as legal advisor to Oak Hill Capital Partners.

(Editor: Baumann)