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US private equity specialist Dow Lohnes has picked up its second high-profile media and communications deal in as many months, with the New York Times Company's $575m (£292.85m) disposal of its broadcast arm to private equity house Oak Hill Capital Partners. Dow Lohnes picked up an instruction from Oak Hill Capital, while US firms Covington & Burling and Morgan Lewis & Bockius were joint legal advisers to the New York Times Company, whose broadcast arm includes nine TV stations and affiliated websites. Covington co-head of media Jennifer Johnson led, while corporate partners Howard Kenny and Robert Dickey led at Morgan Lewis. Goldman Sachs was financial adviser to the company, while Oak Hill Capital used UBS.
Dow Lohnes has been punching above its weight on private equity transactions. In November 2006, it advised Thomas H Lee and Bain Capital alongside Ropes & Gray on the $18.7bn (£9.52bn) buyout of Akin Gump Strauss Hauer & Feld client Clear Channel.