New York Times Co. to sell broadcast media group

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New York—The New York Times Co. said Tuesday that it plans to sell its Broadcast Media Group, which includes nine network-affiliated TV stations and their related properties.

The stations are: WHO-TV in Des Moines, Iowa (NBC); KFSM-TV in Fort Smith, Ark. (CBS); WHNT-TV in Huntsville, Ala. (CBS); WREG-TV in Memphis, Tenn. (CBS); WQAD-TV in Moline, Ill. (ABC); WTKR-TV in Norfolk, Va. (CBS); KFOR-TV in Oklahoma City, Okla. (NBC); KAUT-TV in Oklahoma City, Okla. (MyNetworkTV); and WNEP-TV in Scranton, Pa. (ABC).

"We believe a divestiture would allow us to sharpen our focus on developing our newspaper and rapidly growing digital businesses, and the synergies between them, thereby increasing the value of our company for our shareholders,” said Janet L. Robinson, president-CEO of New York Times Co., in a news release.

Last year, the Broadcast Media Group accounted for approximately 4% of the company’s total revenue. The group is expected to generate about $150 million in revenue and operating profit of about $33 million this year.

—Matthew Schwartz

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