Station Breaks For Norman Lear
TV MOGUL NORMAN LEAR, 72, continues to dismantle his entertainment empire. Lear, the man who brought such characters as Archie Bunker, Mary Hartman, and the Jeffersons to American TV, announced on June 21 that he is selling eight Fox affiliates he has owned since 1986 for more than $500 million to ARBY Broadcast Partners II, a Boston buyout fund. The stations, located in secondary markets such as Buffalo and Greensboro, N.C., fetched a reasonably strong price of more than 11 times their $45 million in cash flow. In recent years, Lear also has sold 12 trade magazines. He still owns a theater chain, which his company says is not for sale, as well as a production company.