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NYT Co. Sells Broadcast Group for $575 Million
The New York Times Co. has agreed to sell its Broadcast Media Group to a private equity firm for $575 million.
The group is made up of nine local television stations, and the Times Company announced in September that it would sell the media group as it refocused strategy on its newspaper and digital business, writes The New York Times.
“Our focus now should be on the development of our newspapers and our rapidly growing digital businesses and the increasing synergies between them,” Janet L. Robinson, president and chief executive of the Times Company, is quoted as saying.
Oak Hill Capital Partners, which purchased the stations, does not own any other media assets, but has expressed interest in media properties lately.