Having 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.