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Tribune to buy 19 local TV stations
Posted By -NO AUTHOR- On 07/01/2013 @ 10:00 am In Front Page,Money,U.S. | No Comments
(Reuters) – Tribune Co said on Monday that it would acquire 19 television stations from Local TV Holdings LLC for $2.73 billion in cash, making it the largest TV broadcaster in the United States.
The purchase from New York private equity firm Oak Hill Capital Partners is another step for Tribune, the publisher of the Los Angeles Times and the Chicago Tribune, in transforming itself largely to a broadcast company as it seeks to sell off its newspaper division.
Tribune, which currently has 23 television stations and eight newspapers, emerged from bankruptcy protection in December. With Local TV, Tribune will now have stations large markets like New York, Los Angeles, Miami, Cleveland, Denver and Seattle and will reach the most households in the United States.
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