The New York Times Company has entered into an agreement to sell its Broadcast Media Group, consisting of nine network-affiliated television stations, their associated Web sites and the Digital Operating Center, to Oak Hill Capital Partners for $575 million. The transaction is subject to regulatory approvals and is expected to close in the first half of 2007. Goldman, Sachs & Co. acted as financial advisor, and Morgan, Lewis & Bockius LLP and Covington & Burling LLP acted as legal advisors to The New York Times Company. UBS Investment Bank acted as financial advisor and Dow Lohnes PLLC acted as legal advisor to Oak Hill Capital Partners.
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