LOS ANGELES -- Times Mirror Co. said Tuesday it has completed its previously announced sale of its two Texas television stations to Argyle Television Holdings Inc.
The stations included KDFW-TV in Dallas and KTBC-TV in Austin, both CBS affiliates.
In July, it completed the sale of its two other television stations, KTVI-TV, an ABC affiliate in St. Louis, and WVTM- TV, an NBC affiliate in Birmingham, Ala., to Argyle Television Holding.
Times Mirror had announced last March it would sell the four stations for $335 million to Argyle. The media giant, which has been struggling due to problems with its flagship Los Angeles Times newspaper, said at the time that it made the deal because it had decided its other areas of business will be more profitable in the future.
Times Mirror received $320 million in cash and the rest in warrants for the stations.
Times Mirror acquired KDFW-TV in 1970, KTBC-TV in 1973 and KTVI-TV and WVTM-TV in 1980.
Argyle Television is headed by Ibra Morales, an executive with Katz American Television. It was backed by investment bankers Donaldson, Lufkin & Jenrette's merchant banking group.
Times Mirror has been hit with several negative developments in recent years, mainly due to declines in the profitability at its newspapers, particularly the flagship Los Angeles Times, which has seen advertising revenues decline due to the persistent Southern California recession.
It issued a cautious forecast last month, saying that although it expects earnings improvement in the fourth quarter, its financial performance in 1994 will likely have a slow start. It said most of its businesses continue to face a challenging and difficult operating environment.
