Rupert Murdoch's News Corp. Sells 8 TV Stations

World | December 23, 2007, Sunday // 00:00

News Corporation, the media company controlled by Rupert Murdoch, is to sell eight of its US Fox network-affiliated TV stations to Oak Hill Capital Partners LP for about USD 1.1 B, Bloomberg reported.

The sale leaves Fox with 27 owned-and-operated stations, while Oak Hill will add the stations to nine existing ones.

News Corp. is selling the assets to focus on its largest and most lucrative markets following the USD 5.2 B takeover of Dow Jones & Co. this year.

The purchase will help Oak Hill, a firm founded more than two decades ago by Texas oil billionaire Robert Bass, create a broader US network after it acquired stations from New York Times Co. in May.

The company has expanded into leveraged buyouts, high-yield debt and hedge funds, raising more than USD 4.6 B from investors, including Microsoft Corp. founder Bill Gates.

News Corp. hired New York investment banking firm Allen & Co. to advise it on the sale of the TV stations in June. Two months later, it agreed to buy Dow Jones, publisher of Dow Jones Newswires, Barron's, and the Wall Street Journal, after months of negotiations with the controlling Bancroft family.

Murdoch plans to use the Wall Street Journal brand to attract viewers to its television networks and Internet users to Web sites.

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