Newport is an investment group controlled by Providence Equity Partners. The sale will result in a violation of FCC ownership rules in nine markets and will require the divestiture of several stations.

The sale of the 35 television stations will mean the new owner will be out of compliance with FCC rules that limit the number of stations one company may own in a single market. The market areas include Bakersfield, San Francisco, Santa Barbara, Fresno and Monterey in California; Salt Lake City; Albany, New York; Jacksonville, Fla., and San Antonio, Texas.

The companies asked the FCC for waivers to operate the stations for six months until it comes into compliance with the rules. The FCC granted waivers in eight of the nine markets, denying the request for Albany.

After the deal closes, Providence will have "attributable interests in a whopping 86 television stations and 99 radio stations in the United States" as well as interests in a number of other media companies including MGM Studios, the Hallmark Channel and Warner Music Group.

Providence also owns a stake in Spanish language network Univision Communications and Freedom Communications Holdings and is in violation of the newspaper-broadcast station cross-ownership rule in five markets. Providence has said it would divest properties in those markets but has yet to do so, blaming "volatile conditions" in the credit markets.