Oak Hill Acquires Eight FOX Stations from News Corp.

NEW YORK, January 2: Private equity firm Oak Hill Capital
Partners is purchasing eight FOX network affiliated television stations owned
and operated by News Corporation, for approximately $1.1 billion in cash.

The stations include KDVR in Denver, Colorado; KSTU in Salt
Lake City, Utah; KTVI in St. Louis, Missouri; WBRC in Birmingham, Alabama; WDAF
in Kansas City, Missouri; WGHP in Greensboro, North Carolina; WITI in
Milwaukee, Wisconsin and WJW in Cleveland, Ohio.

The acquired portfolio of FOX network affiliate stations
will be jointly managed by Local TV, the television platform Oak Hill created
earlier in 2007 to acquire nine stations from the New York Times Company. The
transaction is subject to regulatory and other customary approvals and is
expected to close in the third quarter of 2008.

J. Taylor Crandall, a managing partner of Oak Hill Capital
Partners, said: “We are very pleased to add this outstanding portfolio of FOX
affiliated television stations to the Oak Hill portfolio. These stations, like
our existing Local TV television stations, have a strong commitment to
providing quality news and serving the local community.”

Bobby Lawrence, the CEO of Local TV, added, “These are
heritage stations in great markets. Their management teams and operations are a
perfect fit with Local TV. The stations have an outstanding track record and we
look forward to helping them continue their success.”

—By Irene Lew