News Corp. puts 9 FOX stations up for sale
Michael Gay June 13th, 2007
CBS sold stations in February, and today the pattern of networks selling their owned and operated stations continues. News Corp. announced its intention to sell nine of its 35 stations: WJW, KDVR, KTVI, WDAF, WITI, KSTU, WBRC, WHBQ, WGHP. There are plenty of TV stations on the market: last month Lin Television and Nexstar Broadcasting said they were exploring potential sales. Press release from News Corp. after the jump…
NEW YORK, NY, June 13, 2007 – News Corporation announced today that it plans to sell nine of its FOX network affiliated television stations. News Corporation has retained Allen & Company to advise it on potential transactions.
The stations include:
- WJW in Cleveland, OH
- KDVR in Denver, CO
- KTVI in St. Louis, MO
- WDAF in Kansas City, KS
- WITI in Milwaukee, WI
- KSTU in Salt Lake City, UT
- WBRC in Birmingham, AL
- WHBQ in Memphis, TN
- WGHP in Greensboro, NC
News Corporation has 35 owned-and-operated stations in the United States, making the Fox Television Stations (FTS) group among the largest in the nation. Following the planned sale of the nine stations, FTS will remain one of the nation’s strongest and most successful station groups, with nine duopolies in major markets as well as single stations in eight mid- to large-sized markets. A full list of News Corporation’s U.S. stations is available at http://www.newscorp.com/operations/tvstations.html
News Corporation (NYSE: NWS, NWS.A; ASX: NWS, NWSLV) had total assets as of March 31, 2007 of approximately US$62 billion and total annual revenues of approximately US$28 billion. News Corporation is a diversified entertainment company with operations in eight industry segments: filmed entertainment; television; cable network programming; direct broadcast satellite television; magazines and inserts; newspapers; book publishing; and other. The activities of News Corporation are conducted principally in the United States, Continental Europe, the United Kingdom, Australia, Asia and the Pacific Basin.
For more information about News Corporation, please visit http://www.newscorp.com
3 Comments Add your own
1. Don Day | June 13th, 2007 at 5:59 pm
It is interesting that Salt Lake City, UT will go from having two owned and operated stations (KUTV/CBS and KSTU/Fox)… to none.
2. Jason | June 14th, 2007 at 7:11 am
It’s a good time for FOX to be selling; there’s a lot of private equity money paying stupid multiples for TV stations, plus we’re heading into a presidential election cycle, which means big local revenues. One thing’s for certain: FOX will only sell to a buyer or buyers who will retain the FOX affiliation. FOX didn’t pay dearly to get V’s in most of these markets only to trade them away for short-term money.
3. Marcus | July 5th, 2007 at 4:57 am
I’m looking at the markets where these stations are located and it leads me to wonder why FTS is getting out of the small markets. Notice that the biggest market listed is Cleveland, which I believe is either on the fringe of the top 20 or near it in TV market size. At least these sales will eliminate the FOX 13 glut (Tampa Bay, Memphis and Salt Lake City had the moniker).
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