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News Corp. Sells Eight TV Stations

Oak Hill Capital Partners is the buyer, in a deal worth about $1.1 billion
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News Corp. (NWS) - Get Free Report said Saturday it is selling eight television stations to Oak Hill Capital Partners for about $1.1 billion in cash.

All of the stations were owned and operated by News Corp. and affiliated with its


network. Following the sale, which is subject to regulatory review, News Corp. will have 27 owned-and-operated television stations.

The deal marks the further expansion of Oak Hill Capital Partners into the television industry. Earlier this year, the private equity firm bought nine television stations from

The New York Times

(NYT) - Get Free Report

and established the Local TV unit to run them.

The transaction is expected to close in the third quarter of 2008.

The stations being sold are WJW in Cleveland, Ohio; KDVR in Denver, Colo.; KTVI in St. Louis, Mo.; WDAF in Kansas City, Mo.; WITI in Milwaukee, Wis.; KSTU in Salt Lake City, Utah; WBRC in Birmingham, Ala.; and WGHP in Greensboro, N.C..

News Corp. shares closed Friday up 67 cents at $21.74.