Oak Hill buys eight US TV stations for $1.1bn

Oak Hill Capital Partners has purchased eight television stations from media giant News Corp for roughly $1.1 billion (€692 million).

The Fox network-affiliated stations will be integrated into Oak Hill’s television platform Local TV, established in 2007 after the firm bought nine stations from the New York Times Company for $575 million.

To finance the News Corp deal, the Robert Bass-led firm secured $565 million in a senior secured credit facility and $200 million in a senior notes offering underwritten by Deutsche Bank, UBS, Banc of Ameirca and BNP Paribas.

The stations include broadcast outlets in major cities such as Denver, Colorado and St Louis, Missouri.
In conjunction with the acquisition Geolo Capital, the personal investment arm of the John Pritzker family, has joined as a minority investor in Local TV. Pritzker is heir to the Hyatt luxury hotel chain.

Led by Taylor Crandall, Oak Hill’s media portfolio had been heavily tilted towards telecom companies until the New York Times deal last year planted the New York-based firm in the content space.

Formed in the 1980s as Bass’ personal investment vehicle, Oak Hill currently manages more than $7 billion in committed capital.