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Rupert Murdoch Sells 8 of His TV Stations for $1.1.Billion

Reported by Marie Therese - December 28, 2007 -

Rupert Murdoch's News Corporation will sell eight of its owned and operated TV stations to Oak Hill Capital Partners, a private equity firm started by Robert Bass, a Texas billionaire, one of the Bass Brothers and a long-time Bush supporter. According to one report, Murdoch needed to raise capital to offset the $5.2 billion he laid out to acquire Dow Jones Company, owner of The Wall Street Journal.

According to The International Herald Tribune: "'It is part of News Corp.'s strategic decision to shed low-growth, noncore assets,' said Richard Dorfman, managing director of the investment firm Richard Alan.

"For Oak Hill, the purchase is 'a classic private equity play,' Dorfman said. 'Ad dollars are migrating to the Web, but it's a government-licensed franchise that can throw off good cash flow and reliably service debt.'

"Oak Hill will get WJW in Cleveland; KDVR in Denver; KTVI in St. Louis; WDAF in Kansas City, Missouri; WITI in Milwaukee; KSTU in Salt Lake City, Utah; WBRC in Birmingham, Alabama; and WGHP in Greensboro, North Carolina, according to the News Corp. statement confirmed by Teri Everett, a spokeswoman."

The eight stations will be managed by a company called Local TV, which was set up by Robert Bass in 2007 in order to facilitate an earlier purchase of nine stations from The New York Times.

Local TV is run by Randy Michaels.

Michaels joined a company named Jacor, then, according to Wikipedia, in May of 1999 he and a partner, Sam Zell, "merged Jacor with Clear Channel Communications. While CEO of Clear Channel Michaels took the merged Jacor/Clear Channel from 425 stations to 1200 in a 3 year period. Michaels remained in the CEO roll until July 2002. A Wall street media analyst referred to Michaels departure from the business as 'the end of radio'. ... Michaels has always been known for his ability to program to the top of the ratings and has always had a loyalty to great talent. In 1992, Michaels hired a young Sean Hannity to join Jacor as a talkshow host in Atlanta. In 1997 Michaels cut one of the largest deals in radio history with Rush Limbaugh to acquire the program. In 1998 Michaels made a deal with Dr. Laura Schlessinger, at the time the #2 talkshow host in the country."

So, sadly, the eight former FOX TV stations will simply continue as vehicles for the "greed is good, immigrants bad, liberals worse" school of mind control that passes as conservative journalism today.