On September 12, 2006, The New York Times Company announced its intention to sell its nine television stations. On January 4, 2007, the company entered into an agreement with private equity group Oak Hill Capital Partners to sell the stations to the Oak Hill-operated holding company Local TV, the sale was finalized on May 7. On July 1, 2013, Local TV announced that it would sell its stations to Tribune Broadcasting (which formed a management company that operated both Tribune and Local TV's stations in 2008) for $2.75 billion. The sale was completed on December 27.