The New York Times Company Agrees to Sell Its Broadcast Media Group to Oak Hill Capital Partners.NEW YORK -- The New York Times Company has entered into an agreement to sell its Broadcast Media Group, consisting of nine network-affiliated television stations, their associated Web sites and the Digital Operating Center, to Oak Hill Capital Partners for $575 million. The transaction is subject to regulatory approvals and is expected to close in the first half of 2007. The Broadcast Media Group comprises the following stations: * WHO-TV in Des Moines, Iowa “Des Moines” redirects here. For other uses, see Des Moines (disambiguation). Des Moines (pronounced /dɪˈmɔɪn/ in English, (NBC); * KFSM-TV in Ft. Smith, Ark. (CBS); * WHNT-TV in Huntsville, Ala. (CBS); * WREG-TV in Memphis, Tenn. (CBS); * WQAD-TV in Moline, Ill. (ABC ABC in full American Broadcasting Co. Major U.S. television network. It began when the expanding national radio network NBC split into the separate Red and Blue networks in 1928. ); * WTKR-TV in Norfolk, Va. (CBS); * KFOR-TV in Oklahoma City, Okla. (NBC); * KAUT-TV in Oklahoma City, Okla. (MyNetworkTV); and * WNEP-TV in Scranton, Penn. (ABC). "These are strong, well-situated stations with very talented employees," said Janet L. Robinson Janet L. Robinson is an American publishing executive, and became president and chief executive officer of The New York Times Company on December 27, 2004. As C.E.O., Robinson has primary responsibility for overseeing and coordinating all of the company's operations and business , president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of The New York Times Company. "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." J. Taylor Crandall, a managing partner of Oak Hill Capital Partners, said, "The New York Times Company Broadcast Media Group is one of the industry's most admired franchises because of its heritage television stations, its commitment to quality news and serving the local community, and its outstanding employees. We look forward to maintaining the standard of excellence that The New York Times Company has achieved over the last 30 years." Goldman, Sachs & Co. acted as financial advisor, and Morgan, Lewis & Bockius LLP and Covington & Burling Burling may refer to:
This page or section lists people with the surname Burling. If an internal link for a specific person referred you to this page, you may wish to add the given name(s) to that LLP acted as legal advisors to The New York Times Company. UBS Investment Bank acted as financial advisor and Dow Lohnes PLLC PLLC Professional Limited Liability Company PLLC Polk Life and Learning Center (Bartow, FL) PLLC Partners of Limited Liability Corporation acted as legal advisor to Oak Hill Capital Partners. About The New York Times Company The New York Times Company (NYSE NYSE See: New York Stock Exchange : NYT), a leading media company with 2005 revenues of $3.4 billion, includes The New York Times, the New York Times, The Morning daily newspaper, long the U.S. newspaper of record. From its establishment in 1851 it has aimed to avoid sensationalism and to appeal to cultured, intellectual readers. International Herald Tribune International Herald Tribune Daily newspaper published in Paris. It has long been the staple source of English-language news for American expatriates, tourists, and businesspeople in Europe. , The Boston Globe, 15 other daily newspapers, nine network-affiliated television stations, two New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. radio stations and 35 Web sites, including NYTimes.com, Boston.com and About.com. The Company's core purpose is to enhance society by creating, collecting and distributing high-quality news, information and entertainment. About Oak Hill Capital Partners 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 is the lead investor. Over a period of nearly 20 years, the professionals at Oak Hill Capital have invested in more than 50 significant private equity transactions. Oak Hill Capital is one of several Oak Hill partnerships, each of which has a dedicated and independent management team. These Oak Hill partnerships comprise over $20 billion of investment capital across multiple asset classes, including private equity, special situations, high yield and bank debt, venture capital, real estate, a public equity exchange fund and a global fixed income and equity hedge fund. This press release can be downloaded from www.nytco.com |
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