Business news for Mon, 24 Dec 2007 & with word partners. 4 news.

Is News Corp. becoming a publishing centric media conglomerate? That appears to be a pattern emerging following Saturday's announcement that the company would divest of eight U.S. television stations to private equity firm Oak Hill Partners for about $1.1 billion. The divestiture, which is expected to close in the third quarter of 2008, follows News Corp.'s deal to acquire print and online publisher Dow Jones and Co. for $5 billion, and moves to liquidate other TV assets, including stakes in DirecTV and Gemstar TV Guide.

News Corp., the media company controlled by Rupert Murdoch, agreed to sell eight of its Fox network-affiliated television stations in the U.S. to Oak Hill Capital Partners LP for about US$1.1 billion in cash.

With baker Grupo Bimbo bowing out of the bidding mix for bankrupt Interstate Bakeries Corp., its former partners turned in a $580 million offer for IBC that the company said didn't qualify as a bid.

Gilbert biofuel innovator Diversified Energy landed a major deal, earning a U.S. Department of Defense contract for renewable fuel production. The deal partners Diversified with Ohio-based Velocys Inc., which specializes in processing systems.