Times Mirror Discusses Sale of 4 Network TV Stations

Times Mirror Co. is in discussions over the possible sale of its four network-affiliated television stations, the Los Angeles-based media company said Tuesday.

The sale would complete a shift away from broadcast television. The company said a transaction had not been agreed upon, and it was uncertain whether a final agreement would be reached.

Sources said the value of the transaction, if completed, would be several hundred million dollars.

Times Mirror, which publishes the Los Angeles Times, owns KDFW-TV in Dallas, KTBC-TV in Austin, Tex., KTVI-TV in St. Louis and WVTM-TV in Birmingham, Ala. The stations collectively had revenue of $107.9 million last year and operating profit of $29.9 million.

In 1992, the stations accounted for about 3% of Times Mirror’s total revenue.

Sources said Times Mirror is negotiating with a partnership made up of New York investment bank Donaldson, Lufkin & Jenrette and Argyle Communications. Argyle partners include Robert Marbut, former head of the TV group of San Antonio-based Harte Hanks Communications, and Blake Byrne, former president of LIN Broadcasting.

Byrne and Marbut did not return phone calls Tuesday.