News Corps Sale

[pass the java]

Who bought the FOX stations? Is it Oak Hill Equity/Local TV?

I heard many people will be losing their jobs because that's what happened the last time Local TV took over a station... any truth to this?

[Sigonfile]

I heard it's a done deal, but not yet officially announced. There has been much speculation among the markets involved. Several media blogs have mentioned it and are staying on top of it. I would expect an announcement to come out before Christmas. The "Ohio Media Watch" page has pretty good info, since they appear to be the largest market station involved.

[queue view]

NEW YORK (AP) -- News Corporation says it will sell eight of its
owned-and-operated FOX network affiliated television stations to
private-equity investment firm Oak Hill Capital Partners for about
1.1 billion dollars in cash.
The media conglomerate says in a statement published on its Web
site that Fox Television Stations will still have 27
owned-and-operated stations after selling the following ones: WJW
in Cleveland, KDVR in Denver, KTVI in St. Louis, WDAF in Kansas
City, Missouri, WITI in Milwaukee, KSTU in Salt Lake City, WBRC in
Birmingham, Alabama, WGHP in Greensboro, North Carolina.
News Corporation says the sale is expected to close in the third
quarter of 2008.
The company says it had total assets as of September 30th of
about 64 billion dollars and annual sales of 30 billion.

[2:30]

Gotta pay for the WSJ...

[Sigonfile]

Heard from a bird, that the new owners toured each of the potential properties being offered in the sale. In each market, they watched the "news product" being offered and checked the "salaries" of said anchors. Immediate recommendations for changes were noted. Beware, Local TV, LLC knows how many days, minutes, and seconds, are left on your contract.