Hot on the heels of its acquisition of Dow Jones, News Corp will unload eight of its Fox affiliates to private-equity group Oak Hill Capital Partners for roughly $1.1 billion. The sale will leave Fox
with 27 owned-and-operated stations while Oak Hill will add to its nine existing stations.
"It is part of News Corp's strategic decision to shed low-growth, non-core assets," says
Richard Dorfman, managing director of New York-based investment firm Richard Alan. And for Oak Hill, the buy is "a classic private-equity play," he adds. "Ad dollars are migrating to the Web, but it's
a government-licensed franchise that can throw off good cash flow and reliably service debt."
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