Company Adds 19 Stations in 16 Markets, Making Tribune the #1 Local TV Affiliate Group in AmericaCHICAGO and NEWPORT, Ky., July 1, 2013 /PRNewswire/ -- Tribune Company and Local TV Holdings, LLC, today jointly announced they have entered into a definitive agreement for Tribune to acquire all of Local TV's 19 television stations in 16 key markets for $2.725 billion in cash. Coupled with Tribune's current 23 television stations, superstation WGN America, Tribune Studios, Tribune Digital Ventures and its eight major market newspapers, the transaction makes Tribune a multi-platform content and distribution powerhouse. Local TV is principally owned by Oak Hill Capital Partners.
Upon closing, the acquisition will immediately transform Tribune into the country's largest commercial TV station owner, with a total of 42 stations from New York to Los Angeles and Miami to Seattle. Importantly, because most of Local TV's stations are ranked #1 or #2 in revenue share in their respective markets, the transaction will generate significant free cash flow and be immediately accretive to Tribune's earnings.
Source: http://online.wsj.com/article/PR-CO-20130701-903402.html
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