An auction for the company is expected to start within the next few weeks according to Reuters, which cited people familiar with the matter.
They said Jacobson has an EBITDA of about $75m.
Last November Oak Hill sold 19 television stations in 16 markets to Tribune Co for $2.73bn.
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.
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