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Hearst to buy majority stake in producer of TV programs

Hearst Corp. struck a deal to buy a majority stake in Litton Entertainment, a distributor and producer of television programs, for an undisclosed sum.

The deal is expected to close by February 1, the company said Jan. 6. Litton Entertainment produces more than 800 hours of scripted and unscripted programming for broadcast networks and station groups each year.

Litton Entertainment is headquartered in Charleston, S.C., with offices in New York; Boston; and Burbank, Calif. Richard Gray at ACF Investment Bank served as lead financial adviser to Litton Entertainment.