The Chicago-based group owner completes the final steps of its $2.73 billion transaction announced in July.
Tribune Closes Local TV Holdings Purchase
Tribune Company announced Friday that it has completed the final steps necessary to close its $2.73 billion acquisition of Local TV Holdings LLC, the single biggest TV station transaction of 2013. The deal creates the largest combined independent broadcast group and content creator in the country, according to Tribune.
“This is a historic day for Tribune and Local TV,” said Peter Liguori, Tribune’s president-CEO. “Combining these two great media companies will deliver tremendous benefits for our viewers, advertisers, and most important, the communities we serve. This is a transformational acquisition for Tribune, providing us with significant scale to drive our business objectives and create substantial shareholder value.”
As a result of this acquisition, Tribune now owns 39 television stations across the country. In addition, Tribune will provide certain services to support the operations of three former Local TV stations owned by Dreamcatcher Broadcasting LLC.
The combined broadcast portfolios include 14 Fox affiliates, 14 CW affiliates, 5 CBS affiliates, 3 ABC affiliates and 2 NBC affiliates. Tribune owns 14 stations in top-20 markets and the company is now the No. 1 Fox affiliate group and the No. 1 CW affiliate group in the country. The transaction added market-leading stations in prime cities such as Denver, Cleveland, St. Louis, Kansas City, Salt Lake City and Milwaukee to the Tribune line-up.
Covington & Burling served as communications regulatory counsel to Tribune Co. Debevoise & Plimpton served as deal counsel to Tribune Co.