Local TV LLC was a television broadcasting company owned by Oak Hill Capital Partners which operated 20 television stations in the United States. The group was formed in 2006 by the acquisition of nine television stations owned by The New York Times Company, and grew further with the acquisition of eight former Fox owned-and-operated stations from Fox Television Stations, and a wide partnership with Tribune Broadcasting to provide management services for the stations (in turn, Local TV also operated several Tribune stations as well). On July 1, 2013, Tribune announced that it would acquire Local TV LLC for $2.7 billion, a deal which was approved by the FCC on December 20, and was completed on December 27. Local TV was created in December 2006, after Oak Hill Capital entered into an agreement with The New York Times Company to purchase nine local network-affiliated television stations; on May 7, 2007, the sale was completed as one part of a larger sale of the New York Times Companys Broadcast Media Group "for approximately $575 million." At 12:01 a.m., Local TV assumed ownership of the nine television stations, located in "eight mid-sized markets."