News Corp is selling eight of its Fox owned and operated stations to Oak Hill Capital Partners LP for about $1.1 billion in cash. Stations sold: WJW Cleveland, KDVR Denver, KTVI St. Louis, WDAF Kansas City, WITI Milwaukee, KSTU Salt Lake City, WBRC Birmingham, Ala., and WGHP Greensboro, N.C.
Bloomberg reports the sale will allow News Corp. to focus on its largest and most lucrative markets after its $5.2 billion takeover of Dow Jones & Co. this year. For Oak Hill, the purchase will help it create a broader U.S. network after it paid $575 million to acquire stations from New York Times Co. in May.