The company announced on September 12, 2006, its decision to sell its Broadcast Media Group, consisting of "nine network-affiliated television stations, their related Web sites and the digital operating center". "The New York Times" reported on January 4, 2007, that the company had reached an agreement to sell all nine local television stations to the private equity firm Oak Hill Capital Partners, which then created a holding company for the stations, Local TV LLC. The company announced that it had finalized the sale of its Broadcast Media Group on May 7, 2007, for "approximately $575 million".