Tribune Co. buys 19 television stations in $2.7-billion deal

[Omaha Steve]

Source: LA Times

By Meg James

Tribune Co. has agreed to purchase 19 television stations owned by Local TV Holdings in a $2.73-billion deal that is expected to make Tribune the largest television station group in the country.

Tribune and Local TV Holdings said early Monday that they had entered into a definitive agreement for Tribune to acquire all of Local TV's television stations in a cash transaction. Local TV's stations are located in 16 markets, including Denver, Salt Lake City, Cleveland and Kansas City.

The deal would give Tribune 42 television stations, up from 23 stations. The company will become the largest affiliated station group for Fox Broadcasting, owned by 21st Century Fox, with 14 Fox stations. Tribune also would own 14 stations carrying programming of the CW network, a joint venture between CBS Corp. and Warner Bros.

"This is a transformational acquisition for Tribune -- it makes us the No. 1 local TV affiliate group in America, expands the distribution platform for our high-quality video content and extends the reach of our digital products to new audiences across the country," Tribune Chief Executive Peter Liguori said in a statement.

FULL story at link.


Read more: http://www.latimes.com/entertainment/envelope/cotown/la-et-ct-tribune-co-buys-19-tv-stations-in-27-billion-deal-20130630,0,4193380.story

[bemildred]

1. Two dying technologies, what could go wrong? nt

[alp227]

5. Actually Tribune wants to invest more on broadcasting than print.

PBS NewsHour just reported that Tribune wants to sell its newspapers, which include the Los Angeles Times and Chicago Tribune.

[bemildred]

8. Good. nt

[secondwind]

2. just what we need... more GOP-controlled tv stations

[alp227]

6. Tribune!= News corp, and the Koch bros are not after the company

rather the LA Times and Tribune's flagship eponymous paper in Chicago.

Tribune Broadcasting owns several TV stations and a heritage, 50 kW AM talk radio station in Chi town, WGN 720, whose programming is to the left of its Cumulus owned rival heritage station WLS 890 (affiliate for Rush, Hannity, and Levin in Chicagoland). Also since the LA Times and Chi Tribune often endorse Democratic candidates I don't think they are "GOP TV" stations. But I think the ownership limits from before 1996 need to be restored - America deserves an independent media putting the people before the stockholders.

[BumRushDaShow]

3. So 7 months after emerging from bankruptcy

they immediately take on more debt in a dying industry.

[kimbutgar]

4. Is this an underhanded way of koch's doing?

I thought the koch's were trying to buy the tribune.they got the big money. This was a straw dog purchase. Reagan opened pandoras box and now the koch's are stomping on the box. I am getting more fearful of the direction of this country.

[alp227]

7. They were pursuing individual newspapers not the whole company n/t