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The company was founded by Henry Jarvis Raymond and George Jones in New York City. The first edition of the newspaper The New York Times, published on September 18, 1851, stated: "We publish today the first issue of the New-York Daily Times, and we intend to issue it every morning (Sundays excepted) for an indefinite number of years to come."[6]The company moved into the cable channel industry, purchasing a 40% interest in the Popcorn Channel, a theatrical movie preview and local movie times, in November 1994.[7] In 1996, it expanded upon its broadcasting by purchasing Palmer Communications, owners of WHO-DT in Des Moines and KFOR in Oklahoma City.[8]In April of 2002, The New York Times Company and Discovery Communications announced a joint venture television network called Discovery Times, although this was just a rename of the Discovery Civilization Network. The company completed its purchase of The Washington Post's 50 percent interest in the International Herald Tribune (IHT) for US$65 million on January 1, 2003, becoming the sole owner.[9]On March 18, 2005, the company acquired About.com, an online provider of consumer information, for US$410 million.[10] In 2005, the company reported revenues of US$3.4 billion to its investors.[11] The Times, on August 25, 2006, acquired Baseline StudioSystems, an online database and research service on the film and television industries for US$35 million.[12]In 2006, The Times sold their stake in Discovery Times to Discovery. The channel was relaunched as Investigation Discovery two years later. The company announced on September 12, 2006, its decision to sell its Broadcast Media Group, consisting of "nine network-affiliated television stations, their related Web sites and the digital operating center".[13] The New York Times reported on January 4, 2007, that the company had reached an agreement to sell all nine local television stations to the private equity firm Oak Hill Capital Partners, which then created a holding company for the stations, Local TV LLC.[14][15] The company announced that it had finalized the sale of its Broadcast Media Group on May 7, 2007, for "approximately $575 million".[15]