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Article: Biz Briefs; Freedom Completes Sale of Hoiles' Stakes.(Briefs)(television industry news briefs)
- Article from:
- TelevisionWeek
- Article date:
- October 20, 2003
CopyrightCOPYRIGHT 2003 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The months-long ownership fight for television and newspaper owner Freedom Communications came to a close last week when the company announced it had reached a definitive agreement with a group of private equity firms that will keep the Irvine, Calif.-based company independent and intact. The agreement calls for private equity giants Blackstone Group and Providence Equity Partners to buy out the stakes held by descendants of Freedom founder R.C. Hoiles, who have been pushing for months to monetize their holdings in the company. Investment bank JPMorgan Chase will provide a debt facility in support of the recapitalization. No other financial terms were disclosed by the ...
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