News Corp. Sells off Several Fox Affiliated Stations

newscorpbuilding 0 News Corp. Sells off Several Fox Affiliated StationsHaving just completed its purchase of Dow Jones, News Corp. has announced that it will be selling eight of its Fox-affiliated TV stations to Oak Hill Capital Partners for approximately $1.1 billion in cash.

The sale–which includes stations in Cleveland, Birmingham, and Kansas City–will leave News Corp. with 27 owned-and-operated stations.

"News Corp. is selling the assets to focus on its largest and most lucrative markets following the $5.2 billion takeover of Dow Jones & Co. this year," reported Bloomberg.com. "The purchase will help Oak Hill, the buyout firm founded by Texas oil billionaire Robert Bass, create a broader U.S. network after it paid $575 million to acquire stations from New York Times Co. in May."

"It is part of News Corp.’s strategic decision to shed low-growth, non-core assets,” Richard Dorfman, managing director of New York-based investment firm Richard Alan Inc., who doesn’t own any shares, told Bloomberg.

Article continues below
More from Style & Design
Princess Olympia of Greece and Denmark 

The only daughter of Pavlos and Marie-Chantal, the Crown Prince and Princess of Greece, has quite the Instagram presence. Her posts include front row shots from NYFW, tacos with friends at La Esquina and soft serve at Cha Cha Matcha, all for her 98,000 followers. The Parsons School of Design student is also quite the jet-setter, spending time in New York, London, Los Angeles and Hong Kong (and that's just in the last month). She pulled the ultimate royal move and was rumored to have been dating her godfather's son, Prince Harry. She is his type: blonde and aristocratic, with a major penchant for hipster, Coachella-worthy ensembles, just like his ex Cressida Bonas. The 20-year-old princess counts Hollywood elite Sofia Richie and fellow royal (and cousin) Talita von FĂĽrstenberg as pals. Unlike other New York City college students who celebrated their birthdays dancing on tables at Greek restaurants in the East Village, Princess Olympia spent hers in Mykonos, despite not speaking a word of Greek. Her mother worked for Andy Warhol before marrying into the royal family. Yes, her whole life is all very Gossip Girl.
Watch The Throne: These 8 Young Royals Could Be The Next Kate Middleton