Friday Randy Michaels was named to the board of the Tribune Company by Sam Zell, along with another Jacor allumnus, Frank Wood (originally with WEBN).
Now Oak Hill Capital Partners are buying eight TV stations from Fox/News Corp., including WJW-TV in Cleveland. Michaels has been involved with this group's purchase of 9 tv stations from the New York Times group.
Note that all of the recent machinations at the FCC to pass cross-ownership rules changes were to allow Sam Zell to take Tribune Corp. private while retaining cross-ownership relationships between the Tribune and WGN AM/TV.
Apparently as part of the deal, the Kid Kenneth Martin promised the Dimmicrat members of the commission all kinds of restrictive measures on radio, such as increased ascertainment & public affairs programming requirements.
Despite the opening up of cross-ownership for the top twenty markets, the Tribune Company sued the FCC anyway, claiming that cross-ownership restrictions in general have not been justified in today's business climate.
He's BAACK!
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The parent company of Fox Television will sell WJW (channel eight) in Cleveland along with seven other stations to a private-equity firm for about $1.1 billion in cash. News Corp said it will sell the stations to private-equity investment firm Oak Hill Capital Partners, according to a statement published on News Corp’s Web site.
Along with WJW, other stations involved in the sale are KDVR in Denver, KTVI in St. Louis, WDAF in Kansas City, WITI in Milwaukee, KSTU in Salt Lake City, WBRC in Birmingham and WGHP in Greensboro. The stations are all Fox network affiliates. Fox will still have 27 owned-and-operated television stations after the sale. News Corp said the sale is expected to close in the third quarter of 2008.
The parent company of Fox Television will sell WJW (channel eight) in Cleveland along with seven other stations to a private-equity firm for about $1.1 billion in cash. News Corp said it will sell the stations to private-equity investment firm Oak Hill Capital Partners, according to a statement published on News Corp’s Web site.
Along with WJW, other stations involved in the sale are KDVR in Denver, KTVI in St. Louis, WDAF in Kansas City, WITI in Milwaukee, KSTU in Salt Lake City, WBRC in Birmingham and WGHP in Greensboro. The stations are all Fox network affiliates. Fox will still have 27 owned-and-operated television stations after the sale. News Corp said the sale is expected to close in the third quarter of 2008.