News Corp. To Unload Nine Stations
By Michael Malone -- Broadcasting & Cable, 6/14/2007 4:57:00 AM MT
News Corp. has put nine stations on the block, and hired Allen & Company to advise on the sale. The stations include heavy hitters like WJW Cleveland, WBRC Birmingham and WDAF Kansas City. The rest of the list includes KDVR Denver, KTVI St. Louis, WITI Milwaukee, KSTU Salt Lake City, WHBQ Memphis and WGHP Greensboro.
News Corp. will focus resources on its duopolies; all the stations on the block are the sole News Corp.-owned TV property in their market. The media giant is looking to free up cash for acquisitions, including the Wall Street Journal. The stations might fetch up to $1.5 billion, according to industry insiders.
News Corp. owns 35 stations.
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