US: NYTCo. puts TV holdings on the block

Posted by John Burke on September 14, 2006 at 9:33 AM

The New York Times Company announced this week that it is looking to sell its 9 American television stations in an effort to direct all of its resources to its print and online divisions. A price has not been set and no bids have been made.

NYT's TV stations, which compose about 4% of the company's overall income, are expected to bring in $150 million with an operating profit of $33 million.

Analysts commented positively about the Times' decision, one saying, "They’re clearly interested in expanding their Internet-related businesses, related to their core business — which is the paper — and this will give them the capital to reinvest in those areas.’’

Source: New York Times (press release)

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