US: Times Co. sells broadcast group
Posted by Jean Yves Chainon on January 5, 2007 at 12:00 PM
The New York Times Co. announced on Jan 4th that it sold its broadcast group of nine television stations for $575 million to private equity firm Oak Hill Capital Partners. Now the Times can focus on its newspapers.
The sale will allow Times Co. to focus on the "development of our newspapers and our rapidly growing digital businesses," said Chief Executive Janet Robinson.
Unlike Tribune Co., the Times rapidly found a buyer, and now seeks to promote its Internet ventures, such as About.com and NYTimes.com. These could grow by as much as 30% in 2007, according to the company.
In any case, the sale will give the Times Co. more leverage to boost its newspaper business.
Source: Reuters
Unlike Tribune Co., the Times rapidly found a buyer, and now seeks to promote its Internet ventures, such as About.com and NYTimes.com. These could grow by as much as 30% in 2007, according to the company.
In any case, the sale will give the Times Co. more leverage to boost its newspaper business.
Source: Reuters
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