Focus on newspapers
"These are strong, well-situated stations with very talented employees," said Janet L. Robinson, president-CEO, The Times Co., in a statement. "Over the years they have provided their communities with high-quality programming and have contributed significantly to our financial performance. We believe, however, that our focus now should be on the development of our newspapers and our rapidly growing digital businesses and the increasing synergies between them."
In addition to its flagship newspaper, The Times Co. still owns properties including The Boston Globe, International Herald Tribune, 15 more daily papers and About.com. But the company remains under constant pressure to find ways to boost its beleaguered stock price.
Oak Hill is a private-equity firm with more than $4.6 billion of committed capital. "We look forward to maintaining the standard of excellence The New York Times Co. has achieved over the last 30 years," said J. Taylor Crandall, a managing partner there.
The broadcast-media group changing hands comprises nine stations in markets such as Des Moines, Iowa, and Scranton, Pa., that are affiliates of CBS, ABC, NBC and, in one case, News Corp.'s MyNetworkTV. The Times Co. bought one of them, KAUT-TV, in Oklahoma City as recently as fall of 2005.