VENTURE CAPITAL POST

Illinois, Chicago-based multimedia corporation Tribune Co has completed its $2.73-billion acquisition of television broadcasting firm Local TV after emerging from a four-year Chapter 11 bankruptcy in December.

Tribune Co., which planned to split its newspaper division from its TV-broadcasting division in July, said that it intends to meet with Rep. Henry Waxman to dicuss his concern about the spinoff's impact on the Los Angeles Times.

Time Warner Inc moved another step closer to spinning off its magazine assets as Time Inc, the publisher of People, Fortune and the eponymous newsweekly Time, filed with regulators on Friday to list itself as a standalone company.

Former Tribune Co investors led by Sam Zell obtained a legal victory after a protection order for shareholders from being sued twice over the Zell deal had been granted.

Tribune Co plans to dismiss its newspapers from the firm’s TV business, marking the end of news broadcasting and publishing collaboration.

Chief Executive Officer Peter Liguori of Tribune Co. would undermine cable companies due to his US$2.73 billion deal to air the local broadcasts.

Monday last, Tribune Co announced acquisition of 19 TV stations from Local TV Holdings LLC for US$2.73 billion in cash.