Oak Hill holds a controlling stake in Local TV, which was established to buy the nine local TV stations from the New York Times in 2007 and owned the 19 stations sold to Tribune.
Tribune Co currently owns 23 TV stations and eight newspapers including the Los Angeles Times and the Chicago Tribune.
Oak Hill partner Jonathan Friesel said, “We thank [Local TV CEO] Bobby Lawrence, President and COO Pam Taylor, and the entire Local TV family for their outstanding dedication and performance.
“During our partnership together, Local TV has delivered extraordinary growth and become a world-class broadcaster known for its quality programming, technological innovation and strong community service. We wish Tribune well as they build on the history of success these stations have.”
In December 2012 Oak Hill and peer ABRY Partners agreed to sell all of the shares of US cable provider Atlantic Broadband to Canadian media and communications business Cogeco.
Copyright © 2013 AltAssets