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Howard Hughes  |  by www.tradingmarkets.com. All rights reserved. 8.01 | 18:28

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(RTTNews) - Thursday after the bell, The New York Times Co. ( | | | ) announced that it has entered into an agreement to sell its Broadcast Media Group, consisting of nine network-affiliated television stations, their associated Web sites and the Digital Operating Center, to Oak Hill Capital Partners for $575 million. New York Time stated that it is selling the business in order to focus on its newspaper business.

NYT shares closed Thursday's regular trading session down $.39 at $23.34.

The stock fell below its 200-day moving average in the process of setting a 5 1/2 week low. In the after hours, the shares gained $0.11.

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Keywords: New York
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