New York Times sells its broadcast group to Oak Hill Capital Partners

New York Times sells its broadcast group to Oak Hill Capital Partners

The New York Times has said that they want to concentrate on their newspaper business and as a result they have sold off their broadcast group for $575 million to private equity firm Oak Hill Capital Partners.

This broadcast group included nine television stations. NYT further said that they expect this deal to be completed by the first half of 2007.

New York Times Co. Chief Executive Janet Robinson added that this deal would let them focus on the development of our newspapers and our rapidly growing digital businesses.

Newspaper firms around the world are struggling to keep their reader base with the increasing popularity of online news services. NYT too is focused on enhancing their digital services to negate the losses from their regular newspaper businesses. The company said that they expect big revenue gains from their About.com and NYTimes.com web based services.