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KGMB-TV to be sold

Star-Bulletin

"One of the good things about Hawaii" might soon be under new management.

The parent company of KGMB-9 said today that it will sell the local television station.

Davenport, Iowa-based Lee Enterprises Inc. said it will sell KGMB, the local CBS affiliate, along with eight mainland network-affiliated TV stations. Lee said it will also sell seven satellite stations, including its KGMD-9 station in Hilo.

The company said it will get out of the TV broadcast business and will expand its publishing, online and information services segments.

Richard Gottlieb, Lee's chief executive officer, said the company has hired Credit Suisse First Boston and McFarland Dewey & Co. as advisers. Gottlieb said the company is evaluating several potential deals in the publishing and online sectors.