Oak Hill Capital Partners, a US-based private equity firm, has agreed to buy eight Fox network affiliated television stations from owner and operator News Corporation for USD1.1bn in cash.
Oak Hill Capital Partners, a US-based private equity firm, has agreed to buy eight Fox network affiliated television stations from owner and operator News Corporation for USD1.1bn in cash. The transaction is expected to close in the third quarter of this year.
The investment, covering stations in Denver, Salt Lake City, St Louis, Birmingham, Kansas City, Greenboro, Milwaukee and Cleveland, will add to Oak Hill’s local TV portfolio, and will be managed by Local TV, the television company created by Oak Hill to acquire nine stations from the New York Times group.
‘These stations, like our existing Local TV television stations, have a strong commitment to providing quality news and serving the local community,’ says Oak Hill managing partner J. Taylor Crandall.
Adds Local TV chief executive Bobby Lawrence: ‘These are heritage stations in great markets. Their management teams and operations are a perfect fit with Local TV. The stations have an outstanding track record and we look forward to helping them continue their success.’
Oak Hill Capital was advised by Deutsche Bank Securities, Dow Lohnes & Paul and Weiss, Rifkind, Wharton & Garrison. Debt financing for the transaction has been committed to by affiliates of Deutsche Bank Securities, UBS Securities, Banc of America Securities, and BNP Paribas Securities.
