New York Times Co. to Sell Fort Smith, Memphis Stations

The New York Times Co. said it is selling its Broadcast Media Group, which includes CBS affiliate KFSM-TV in Fort Smith.

The Times said the nine stations are profitable but that it wants to focus on its other businesses.

Also on the block is Memphis’ CBS affiliate WREG-TV, whose signal reaches many viewers in Arkansas.

Van Comer, president and general manager of KFSM, said that employees were not notified of any one specific buyer. But he said the investment bank Goldman Sachs will be handling the deal.

Comer also said he didn’t have an idea for a timeline on the transaction, adding, “These things typically take months and not weeks.”

Last year, the Broadcast Media Group accounted for about 4 percent of the company’s revenues, a release said. In 2006, the company expects the group will have revenues of about $150 million and operating profit of about $33 million.

The New York Times purchased KFSM from Buford Television on Oct. 1, 1979. The station, which has offices in Fort Smith and Fayetteville, usually leads the region’s 11-county designated market area in viewership, according to Nielsen Media Research. But it trailed two rivals — ABC affiliate KHBS and NBC affiliate KNWA — in Benton, Washington and Madison counties, according to the latest Nielsen survey.