News Corp. Offloads Eight TV Stations

NEW YORK, July 15: News
Corporation has sold eight owned-and-operated FOX-affiliated TV stations to Oak
Hill Capital Partners for about $1.1 billion.

The deal covers stations in
Denver, Salt Lake City, St. Louis, Birmingham, Kansas City, Greensboro,
Milwaukee and Cleveland. These outlets will now be managed by senior executives
of Local TV, the TV division Oak Hill formed last year after acquiring nine
stations from The New York Times Company.

Bobby Lawrence, the CEO of
Local TV, said, "We are delighted to have finalized the acquisition of
these fantastic broadcast properties and look forward to working with our very
capable team of employees to further build these premier local brands and
leading news franchises."

—By Mansha Daswani