Murdoch's News Corp to sell eight Fox TV stations

News Corp has said it will sell eight of its owned-and-operated Fox network affiliated television stations to private-equity investment firm Oak Hill Capital Partners for about $1.1 billion in cash.

The media conglomerate will still have 27 owned-and-operated Fox television stations after selling WJW in Cleveland, KDVR in Denver, KTVI in St Louis, WDAF in Kansas City, WITI in Milwaukee, KSTU in Salt Lake City, WBRC in Birmingham (Alabama), and WGHP in Greensboro (North Carolina). The sale is expected to close in the third quarter of 2008.

The company said as of 30 September, it had total assets of about $64 billion and annual sales of $30 billion.