TRIBUNE CO TO ADMINISTER EIGHT US TV STATIONS SOLD BY NEWS CORP
December 26th 2007 02:04
News Corp’s US$1.1 billion sale of eight TV stations to private-equity group Oak Hill Capital Partners, owner of small broadcaster Local TV LLC, could benefit the Tribune Company, which last week struck a deal to take over administrative responsibilities for Local TV's stations.
The Wall Street Journal reported that News Corp and Oak Hill announced the station purchase last weekend, and an Oak Hill spokesman said the company will add the stations, all Fox affiliates, to the nine stations it owns through Local TV.
That means the number of stations Tribune administers will rise to 40. Tribune owns 23 stations directly.
“Local TV was headed until last week by veteran radio executive Randy Michaels. Thursday, Mr. Michaels was appointed to a senior post with Tribune. After that appointment, Tribune and Local TV announced that Tribune would take over "back-office services, administration, and a number of other functions" for the stations owned by both companies. Michaels will oversee the station group through a wholly owned Tribune subsidiary.”
- From MediaBlab
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