• Most Popular
  • Most Shared

News Corp to sell 8 U.S. TV stations for $1.1 bln

NEW YORK
Sat Dec 22, 2007 2:03pm EST

Stocks

   
News Corp. chief Rupert Murdoch makes a comment to reporters as he leaves a midtown Manhattan office building following meetings with several key members of the Bancroft family who control Dow Jones & Co. Inc., June 4, 2007. Murdoch's News Corp will sell eight U.S. television stations to private equity firm Oak Hill Partners for about $1.1 billion. REUTERS/Mike Segar

NEW YORK (Reuters) - Rupert Murdoch's News Corp NWSa.N will sell eight U.S. television stations to private equity firm Oak Hill Partners for about $1.1 billion.

Deals  |  Stocks  |  Mergers & Acquisitions  |  Bonds

News Corp said in a statement on Saturday the deal was expected to close in the third calendar quarter of next year.

The sale of the Fox affiliate stations 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 (BSY.L) satellite TV service, and 20th Century Fox movie studio, recently closed a $5.6 billion deal to buy Wall Street Journal publisher Dow Jones & Co Inc as part of a plan to create a global financial news empire.

The TV stations include WJW in Cleveland, Ohio; KDVR in Denver, Colorado; and WGHP in Greensboro, North Carolina; KTVI in St. Louis, Missouri; WDAF in Kansas City, Missouri; WITI in Milwaukee, Wisconsin; KSTU in Salt Lake City, Utah; and WBRC in Birmingham, Alabama.

(Reporting by Kenneth Li, Editing by Sandra Maler)
Deals
Stocks
Mergers & Acquisitions
Bonds


More from Reuters

Photo

U.S. probing if al Qaeda linked to airplane incident

WASHINGTON (Reuters) - The United States is investigating whether al Qaeda was involved in a Christmas Day attempt to blow up a passenger jet, but there is no early evidence the Nigerian suspect in the case was part of a larger plot, the U.S. homeland security chief said on Sunday. | Video

» More Top News
A Delta Airbus 330 airliner sits on a runway at Detroit Metropolitan Airport in Romulus, Michigan in this video grab made December 25, 2009. Credit: REUTERS/WDIV TV/Handout

The battle in mid-air

The attraction of bombing airliners means the aviation industry has to be constantly vigilant in its fight against attackers.  Full Article 

U.S.
A caution sign is seen next to a stock board at the Australian Securities Exchange (ASX) in Sydney September 5, 2008. REUTERS/Daniel Munoz
Political Risk in 2010:

Don't say we didn't warn you

With the financial crisis (mostly) in the past, U.S. investors are eying a fresh start to the coming year. Here's a look at what speedbumps lie ahead.  Full Article 

Global Markets