COMPANY TOWN ANNEX
Act III to Sell 8 TV Stations: Film and TV producer Norman Lear agreed to sell the stations controlled by his entertainment company for more than $500 million. Boston-based buyout firm ABRY Broadcast Partners II will buy New York-based ACT III Broadcasting, which owns the Fox Broadcasting Co.-affiliated stations, in a deal scheduled to close in the fourth quarter, a statement said. The deal requires Federal Communications Commission approval. Lear, 72, produced shows such as “All in the Family” and “The Jeffersons.” He owns just under 60% of ACT III Broadcasting through Los Angeles-based ACT III Communications, of which he is sole stockholder. The balance of ACT III Broadcasting is held by institutional investors, employees and directors.