Murdoch Holds Talks to Buy 2 TV Stations to Be Run by Daughter

Media baron Rupert Murdoch is in discussions to buy two TV stations in Salinas and San Luis Obispo that would be privately owned under a family trust operated separately from his corporate holdings.

Industry sources said Tuesday that Murdoch has approached the owners of KSBW-TV in the Salinas-Monterey area and KSBY-TV in San Luis Obispo, both NBC affiliates, which are on the market.

Murdoch apparently is interested in buying the stations for his daughter, Elisabeth, and her husband, who would then operate them under their own private company. The stations would not be part of News Corp.’s Fox TV Stations division.

The stations are owned by Apollo Advisers, an investment firm headed by former Drexel Burnham executive Leon Black. Sources said the stations are likely to be sold for between $32 million and $37 million.

Elisabeth Murdoch, 25, has been working at Fox for several years, mostly in the TV stations division as a programming executive. She now heads programming at Fox’s proposed cable TV network. Her husband, former banker Elkin Pianim, works in finance at Fox TV Stations.

People familiar with Murdoch’s interest in the Salinas and San Luis Obispo stations said he wants to give his daughter and son-in-law some hands-on experience in running a business. Both may play bigger roles at News Corp. in the future. Murdoch is said to be one of a handful of potential buyers who have been touring the stations in recent weeks. Apollo is expected to have a deal to sell the stations by March.

Apollo and a Murdoch spokesman could not be reached for comment.