The Wall Street Journal reports that Providence Equity Partners LLC, owner of Newport Television Stations, is close to a deal to sell the bulk of its portfolio of stations to three broadcasting companies.
Newport owns Little Rock TV stations Fox 16 and CW 38, but local officials said they could not discuss the matter and referred inquiries to a public relations firm, which declined to comment on the WSJ report. Talk Business airs on Fox 16 on Sunday nights at 10 pm.
The WSJ reports that the deal could be worth about $1 billion and that Nexstar, which owns the KARK and KNWA affiliates in Arkansas, would buy the bulk of the stations.
Private equity firm Providence Equity Partners, whic
h began shopping Newport Television last March, has found not one, but three buyers for 24 of the group's TV stations, according to a story this morning in the Wall Street Journal.
The buyers are Nexstar Broadcasting, Sinclair Broadcast Group and Cox Media.
How the stations are divvied up among the three is not clear, although Nexstar is expected to buy the bulk of them.
Read more here. Talk Business will update this story as more information becomes available.