Providence Sells 22 TV Stations In Deals Worth $1B

Law360, New York (July 19, 2012, 8:23 PM EDT) -- Providence Equity Partners LLC said Thursday that its Newport Television LLC had struck separate deals with Nexstar Broadcasting Group Inc., Sinclair Broadcast Group Inc. and Cox Media Group to sell off 22 television broadcast stations in transactions totaling $1 billion. 

The parent company of Newport Television LLC said Thursday that it was selling off a portfolio of 22 television stations, with Nexstar picking up 12 stations, Sinclair nabbing six channels and Cox acquiring four stations. Newport CEO Sandy DiPasquale said discussions were under way to divest...
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