The New York Times company has announced an agreement to sell its television station group to a private equity firm, Oak Partners for $575 million dollars. The group intends to sell off the profitable collection of nine broadcast properties. Last Fall, I commented:Overall profitability of the company last year amounted to roughly a 7.7% return on gross sales, according to a report the company filed with the Securities and Exchange Commission. But the television station group earns almost three times as much per sales dollar, at 22%, according to the company's statement. Companies normally sell off their less profitable businesses and keep the winners. But the NYTCo is no ordinary business, and it may need more cash than the declining businesses it owns can provide. While its recent purchase of About.com is profitable, the magnitude of the profits is tiny compared to the rest of the company and compared to the purchase price Pinch paid. [....]It is theoretically possible...(Read Full Post)