Oak Hill Capital Partners to Purchase Eight Television Stations From News Corporation

Oak Hill Capital Partners to Purchase Eight Television Stations From News Corporation

New Investment Will Add to Oak Hill's Local TV Portfolio

NEW YORK, Dec. 22 /PRNewswire/ -- Oak Hill Capital Partners, a leading private equity firm, announced today that it has agreed to purchase eight News Corporation owned-and-operated FOX network affiliated television stations for approximately $1.1 billion in cash.

The stations include:
-- KDVR in Denver, CO
-- KSTU in Salt Lake City, UT
-- KTVI in St. Louis, MO
-- WBRC in Birmingham, AL
-- WDAF in Kansas City, MO
-- WGHP in Greensboro, NC
-- WITI in Milwaukee, WI
-- WJW in Cleveland, OH

This portfolio will be jointly managed by Local TV, the television platform Oak Hill created earlier this year to acquire nine stations from the New York Times Company.

J. Taylor Crandall, a Managing Partner of Oak Hill Capital Partners, said, "We are very pleased to add this outstanding portfolio of FOX affiliated television stations to the Oak Hill portfolio. These stations, like our existing Local TV television stations, have a strong commitment to providing quality news and serving the local community."

Bobby Lawrence, CEO of Local TV, said, "These are heritage stations in great markets. Their management teams and operations are a perfect fit with Local TV. The stations have an outstanding track record and we look forward to helping them continue their success."

The transaction is subject to regulatory and other customary approvals and is expected to close in the third quarter of 2008.

Oak Hill Capital was advised by Deutsche Bank Securities Inc., Dow Lohnes PLLC and Paul, Weiss, Rifkind, Wharton & Garrison LLP. Debt financing for this transaction has been committed to by affiliates of Deutsche Bank Securities Inc., UBS Securities LLC, Banc of America Securities LLC, and BNP Paribas Securities Corp.

About Oak Hill Capital Partners

Oak Hill Capital Partners is a private equity firm with more than $7 billion of committed capital from leading entrepreneurs, endowments, foundations, corporations, pension funds and global financial institutions. Robert M. Bass is the lead investor. During a period of over 21 years, the professionals at Oak Hill Capital Partners have invested in more than 60 significant private equity transactions. Oak Hill Capital Partners is one of several separate Oak Hill partnerships, each of which has a dedicated and independent management team. These Oak Hill partnerships comprise more than $26 billion of investment capital across multiple asset classes.

About Local TV

Local TV LLC is a broadcast holding company created in 2007 to acquire nine heritage television stations in eight mid-sized markets. Local TV is owned by Oak Hill Capital Partners.

First Call Analyst:
FCMN Contact:

Source: Oak Hill Capital Partners

CONTACT: Mike Pascale or Rhonda Barnat, Abernathy MacGregor,
+1-212-371-5999, both for Oak Hill Capital Partners; Pam Taylor, Local TV,
+1-859-448-2700

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