News Corp. said Monday it had completed the sale of eight owned-and-operated Fox affiliate TV stations to private equity firm Oak Hill Capital Partners for $1.1 billion.
The stations are in Cleveland, Denver, St. Louis, Kansas City, Missouri, Milwaukee, Salt Lake City, Birmingham, Alabama, and Greensboro, North Carolina.
After the sale, the global media conglomerate said it will continue to own and operate 27 stations, including those in New York, Los Angeles, Chicago, Houston and Phoenix.
News Corp., which also owns Twentieth Century Fox and Dow Jones & Co., publisher of The Wall Street Journal, said in May it earned $2.69 billion in the latest quarter, versus $871 million a year ago, after selling its stake in DirecTV Group Inc. to Liberty Media Corp.
Revenue rose 16 percent to $8.75 billion from $7.53 billion.
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