Oak Hill Closes $1.1B Buy of 8 Fox O&Os

Having lined up $765 million in financing and an equity partner, Oak Hill Capital Partners announced today that it has completed its acquisition of eight Fox O&Os for approximately $1.1 billion.

The stations will be managed by Local TV LLC, which Oak Hill created in 2007 to manage the nine stations it purchased from the New York Times Co.

The Fox stations:

• KDVR Denver
• KSTU Salt Lake City
• KTVI St. Louis
• WBRC Birmingham, Ala
• WDAF Kansas City, Mo.
• WGHP Greensboro, N.C.
• WITI Milwaukee
• WJW Cleveland

In conjunction with the closing of this transaction, Geolo Capital, the private equity investment arm of the John A. Pritzker family, joined the Local TV ownership group as a minority investor. Geolo Capital specializes in travel and leisure, hospitality, and entertainment focused investments.

Oak Hill Capital was advised by Deutsche Bank Securities Inc., Dow Lohnes PLLC and Paul, Weiss, Rifkind, Wharton & Garrison LLP.

Debt financing, which comprised a $565 million senior secured credit facility and a $200 million senior notes offering, was underwritten by affiliates of Deutsche Bank Securities Inc., UBS Securities LLC, Banc of America Securities LLC and BNP Paribas Securities Corp.