New York Times sells off television stations

The stations being sold include: WHO-TV in Des Moines, Iowa; KFSM-TV in Fort Smith, Arkansas; WHNT-TV in Huntsville, Alabama; WREG-TV in Memphis, Tennessee; WQAD-TV in Moline, Illinois; WTKR-TV in Norfolk, Virginia; KFOR-TV and KAUT-TV in Oklahoma City; and WNEP-TV in Scranton, Pennsylvania.

Janet Robinson, president and chief executive of The New York Times, said: "These are strong, well-situated stations with very talented employees. 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."

J Taylor Crandall, managing partner at Oak Hill Capital Partners, said: "The New York Times Company Broadcast Media Group is one of the industry's most admired franchises because of its heritage television stations, its commitment to quality news and serving the local community, and its outstanding employees. We look forward to maintaining the standard of excellence that The New York Times Company has achieved over the last 30 years."

The deal is expected to be completed within the first six months of 2007.
 
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