News Corp. to Sell 8 Fox Stations for $1.1B

Company unloads local operations to focus on larger markets
By Jim O'Neill,  Newser User
Posted Dec 23, 2007 8:47 AM CST
News Corp. Chairman Rupert Murdoch smiles during a talk at the Web 2.0 conference in San Francisco in this Oct. 17, 2007 file photo. (AP Photo/Tony Avelar, file)   (Associated Press)
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(Newser) – News Corp., shifting its focus to its larger, more profitable properties, will sell eight of its medium-market Fox network TV stations to investment firm Oak Hill Capital Partners for $1.1 billion. The sale will leave the media company, which acquired the Wall Street Journal and Dow Jones for $5.2 billion this year, with 27 stations, Bloomberg reports.

News Corp., controlled by Rupert Murdoch, has been selling less-lucrative properties as it shifts its focus to Internet and cable operations, said one industry analyst. Oak Hill, which earlier this year bought TV outlets in four states from the New York Times for $575 million, will now control 17 stations. The deal should close in the third quarter.