Saying that they want to focus more on their digital media and newspaper business, The New York Times (NYT) announced that it reached a deal with Oak Hill Capital Partners, a private equity firm, to sell its Broadcast Media Group for $575 million. The revenue generated by the division was 4 percent of the "Times" overall revenue.
The Broadcast Media Group is projected to gross $150 million for the year and turn a profit of $35 million.
“We look forward to maintaining the standard of excellence that The New York Times Company has achieved over the last 30 years,” said J. Taylor Crandall, a managing partner of Oak Hill Capital Partners.
They also said that they are selling WQEW-AM to Disney (DIS) for about $40 million through a long-standing option agreement they had with the company.
hello
This is another example of big companies waisting money again and again, its so unfortunate that big companies don't care much about people isn't ot people that the money has to come from in the first place?
Instead of spending $575 million dollars on a broadcast company, why not invest some of that money into helping your fellow man and woman who are in desperate need or build warehouses in third world countries, so that people can have a source of income and help their families.
Or invest in the research of cleansing the planet of toxic waist.
Posted by: 77wealth.com ,Billion Dollar companies | September 30, 2007 3:05 AM | Permalink to Comment