Tribune to buy Local TV, become nation’s biggest TV station owner
ASSOCIATED PRESS July 1, 2013 7:18AM
Updated: July 1, 2013 7:38AM
Tribune Co. says it has reached a deal to buy Local TV Holdings LLC’s 19 TV stations for $2.73 billion in cash.
Tribune currently owns 23 TV stations and cable network WGN America, along with the Chicago Tribune and other newspapers. It says the deal will make it the country’s largest commercial TV station owner with 42 stations.
Tribune, which is based in Chicago, says it expects the deal to boost its profits immediately.
The company says the increased scale will help it maximize advertising sales. It also expects the deal to result in more than $100 million in annual cost savings within five years.
Local TV is owned by private equity firm Oak Hill Capital Partners.
The deal is expected to close by the end of 2013.