Affiliates of New York-based Blackstone and SJL Broadcast Group of California are buying KHON and three Emmis Communications stations on the Mainland in a deal valued at $259 million, according to Emmis.

The sale, which does not include KHON's sister station in Hawai'i KGMB-TV, is subject to approval by the Federal Communications Commission.

John Ford, a Blackstone spokesman, declined comment when asked about the company's plans for KHON.

The announcement comes a month after Indianapolis-based Emmis sold nine mainland television stations for $681 million.

The Blackstone Group is a private investment and advisory group co-founded by Peterson, who served as Commerce Secretary under President Richard Nixon.

In Hawai'i, the Blackstone Group is a past owner of the Hyatt Regency Maui Resort and Spa. Blackstone sold the hotel to Host Marriott Corp. in 2003.

SJL, which is based in Montecito, Calif., owns 12 broadcast stations on the mainland, including stations in San Luis Obispo, Calif. and Erie, Pa.