New York Times dispenses with TV stations

The New York Times Company has sold off its broadcast group, including nine TV stations, for $575m (£295m) to a private equity firm, Oak Hill. The company's ceo, Janet Robinson, said the sale would allow the media company to focus on the "development of our newspapers and our rapidly growing digital businesses." This expected deal comes as the company continues to cut costs from old media while building its internet businesses, which are expected to grow by 30% this year. (Via Reuters)