[opendtv] News: News Corp. Divests More TV Properties
- From: Craig Birkmaier <craig@xxxxxxxxx>
- To: OpenDTV Mail List <opendtv@xxxxxxxxxxxxx>
- Date: Tue, 25 Dec 2007 11:34:40 -0500
http://publications.mediapost.com/index.cfm?fuseaction=Articles.san&s=73298&Nid=37717&p=428449
News Corp. Divests More TV Properties, Station Sale Follows DirecTV, TV Guide
by Joe Mandese, Monday, Dec 24, 2007 7:45 AM ET
Is News. Corp. becoming a publishing centric media conglomerate? That
appears to be a pattern emerging following Saturday's announcement
that the company would divest of eight U.S. television stations to
private equity firm Oak Hill Partners for about $1.1 billion. The
divestiture, which is expected to close in the third quarter of 2008,
follows News Corp.'s deal to acquire print and online publisher Dow
Jones & Co. for $5 billion, and moves to liquidate other TV assets,
including stakes in DirecTV and Gemstar TV Guide.
While the deal with Oak Hill Capital Partners will still leave News
Corp. with 27 owned-and-operated stations, nine duopolies in major
markets as well as single stations in nine mid- to large-sized
markets, the sale comes as conventional television broadcasters face
the transition from analog to digital broadcasting in early 2009, and
as online media begins to compete more aggressively with traditional
television programming.
It also follows recent moves that would reduce News Corp.'s position
in television, even as it expands its stake in online and print media
via the acquisition of Dow Jones & Co., publisher of The Wall Street
Journal.
Last year, News Corp. agreed to a deal to swap its controlling stake
of satellite TV broadcaster DirecTV to Liberty Media in exchange for
Liberty's minority stake in News Corp. And earlier this month, News
Corp. - a 41% stakeholder in Gemstar TV Guide - blessed a deal that
would sell the TV listings guide and television network to
Macrovision.
Stations being divested in the Oak Hill sales include:
*WJW in Cleveland, OH
*KDVR in Denver, CO
*KTVI in St. Louis, MO
*WDAF in Kansas City, MO
*WITI in Milwaukee, WI
*KSTU in Salt Lake City, UT
*WBRC in Birmingham, AL
*WGHP in Greensboro, NC
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