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 Culture
Jude Law in The Young Pope.
‘The Young Pope’ Season Premiere Recap: Cherry Coke Zero to Cherry Coke Hero