Chicago-based Tribune closes $2.73B acquisition of Local TV
Tribune Co announced on Friday the completion of its acquisition of Local TV. The deal numbers Tribune among the country's biggest television (TV) station owners. The transaction is valued at $2.73 billion, according to Chicago Tribune.
The Federal Communications Commission (FCC) approved the said deal last week. The acquisition adds 19 TV stations to Tribune's current 23 stations. The combined portfolio will be able to reach a market of 50 million households, the report detailed.
In a memo to employees, Tribune President and Chief Executive Officer Peter Liguori said of the deal: "The increase in scale of Tribune broadcasting promises to enhance every aspect of our business including our relationships with programmers, advertisers, and cable and satellite partners. As our industry continues to evolve, we will be in a position to work together to define the Tribune of the future."
Just last December, Tribune emerged from a Chapter 11 bankruptcy that spanned four years. Earlier this month, the multimedia firm submitted a filing with the Securities and Exchange Commission to spin out its publishing business likely in early 2014, Chicago Tribune reported.