New York Times Sells Broadcast Group for $575 Million

The New York Times said it sold its broadcast media group, including nine television stations, for $575 million to Oak Hill Capital Partners in order to concentrate on its newspaper business.

The deal is expected to close in the first half of this year, and includes affiliates of ABC, NBC and CBS in Iowa, Arkansas, Alabama, Tennessee, Illinois, Virginia, Pennsylvania and two in Oklahoma.

New York Times Chief Executive Janet Robinson said in a statement that the sale would allow the media company to focus on the "development of our newspapers and our rapidly growing
digital businesses."